Kellogg raises annual forecasts on higher prices as margin pressure looms

The cereal maker's shares were down about 6% at $71.20 as the company warned its profit margins in the fourth quarter would not improve as much as anticipated.As household budgets, particularly for lower-income consumers, get increasingly pinched due to stubbornly high inflation, analysts have warned that Kellogg could start to lose out to cheaper store-brand cereals.