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Conagra CEO sees 'double-digit' inflation in 2023

STORY: "We are beginning to see those ultra high rates of inflation moderate, which is a good sign, 'green shoots' as we call it," Connolly said.

"But it still is inflationary overall for our company and we are still calling for double digit inflation for fiscal year '23. So we have to persevere through this cycle as we always do and thus far, we're on track," he added.

The company, known for its brands Birds Eye and Chef Boyardee, raised its full-year forecasts last week, after beating quarterly results, helped mainly by higher prices for its snacks and ready-to-eat meals.