Kellogg’s CEO Gary Pilnick advised shoppers who are shelling out part of their paychecks for the most expensive grocery bill in 30 years to eat cereal instead. .
“The cereal category has always been very affordable and tends to be the go-to destination when consumers are under pressure,” Pilnican said in an interview with CNBC last week.
“If you look at the cost for families to buy cereal versus what they would otherwise pay for cereal, it would be much more affordable.”
CNBC host Carl Quintanilla asked Kellogg’s boss if encouraging cash-strapped customers to eat cereal for dinner “could be going in the wrong direction.” , to which an upbeat Pilnick replied: “Actually, things are going really well right now.”
“Eating cereal for dinner is probably more of a trend now,” Pilnick claimed in a previously reported interview. CNNnotice that a bowl of cereal with milk and fresh fruit costs less than $1.
“We hope [the trend] We need to keep going because consumers are under pressure. ”
With popular breakfast staples like Corn Flakes, Froot Loops, Frosted Mini Wheats, and Raisin Bran, Kellogg’s is banking on the rise of the breakfast-cum-dinner trend in 2022, starting with the addition of breakfast to Americans. We have started a campaign to get them. Add the infamous sweet meal to your dinnertime rotation.
One source said proponents touted the tagline “Let the Chicken Rest Overnight” and said that aside from its low cost, the dinner cereal was a low-prep, low-maintenance, low-mess option. was making a point. press release at that time.
But Pilnick’s predictions were off the mark, with viewers taking to social media to share their disdain at having to trade in expensive options like meat and vegetables for cereal.
Others said Kellogg’s efforts were taking advantage of the plight of Americans, who gave up 11.4% of their disposable income to buy food in 2022, according to USDA data. This is the highest amount since 1999.
According to the USDA, dine-in prices rose an additional 5% last year compared to 2022. This is twice his historical average increase in annual inflation in retail food prices from 2003 to 2022.
“Anything @KelloggsUS can do to make more money from people during a crisis. I wonder what their CEO is having for dinner? Hmm… All day long, prices go up without a second thought. “Embarrassing, embarrassing,” said another user. I have written To X.
“We live in a world where families have to choose cereal for dinner to save money. Sad,” said another user. share Monday.
For reference, Mr. Pilnick’s annual compensation includes a base salary of $1 million and more than $4 million in incentive compensation, according to the Securities and Exchange Commission in September 2023. filing.
“Maybe they’ll each get rich instead,” another viewer suggested. InstagramHowever, another commenter countered: “It’s gross to hear wealthy people put a marketing spin on poverty.”
On the other hand, some people criticize the idea of eating cereal for breakfast because it has low nutritional value.
“Breakfast, lunch, and dinner cereals are garbage. Learn more about nutrition for your health.” (User X) I have written.
“Hey guys, how about a big bowl of empty calories for dinner?” another said. made a joke.
FYI, a cup of Rice Krispies — Kellogg’s most popular product, according to data shared with Google Food & Wine — 1.5 cups of toasted rice contains 150 calories, 36 grams of carbohydrates, and 4 grams of sugar.
A 12-ounce box of Rice Krispies cereal sells for $3.99 at Target and $3.68 at Walmart, according to each retailer’s website.
According to USDA data, the price increase for cereals and bakery products last year was 8.4%.
Representatives for Kellogg did not immediately respond to The Post’s request for comment.
