While the cost of living is increasing with each passing month, Kellogg has been encouraging families to eat cereal for dinner. Well, the tip was offered by none other than Kellogg's CEO himself.
Gary Pilnick, the Chairman and CEO of Kellogg, who earns £4m a year, made the comment on CNBC this week after a Wall Street Journal report found that Americans spend 10% or more of their income on food.
"If you think about the cost of cereal for a family versus what they might otherwise do, that's going to be much more affordable," Pilnick said, claiming that it could help a "consumer under pressure" because the price of a bowl of cereal with milk and fruit "is less than a dollar."
"Cereal for dinner is something that is probably more on trend now, and we would expect to continue as that consumer is under pressure," he added.
Videos of the CNBC host's interaction with the Kellogg's CEO have gone viral on social media. Social media users widely panned Pilnick after the clip made the rounds.
Facts 💯 anything @KelloggsUS can do to make more money off people during times of crisis. I wonder what their CEO is having for dinner? Smh... Price hiking all day without a care. Shame shame.
— Wondering Wanderer (@IWonder_21) February 21, 2024
"Kellogg CEO Gary Pilnick suggests that struggling families should shift their mindset and eat "cereal for dinner" as a way to cut costs.He was paid $4 million last year which is ~100x more than his average employees. How do these people sleep at night?," wrote a user.
Another user suggested that perhaps they "eat the rich" instead.
Gary Pilnick, who's worked with the company since 2000, became CEO in October. Kellogg produces brands such as Frosted Flakes, Froot Loops, Corn Flakes and Raisin Bran.
Prices for groceries and restaurants have skyrocketed since the start of the pandemic. In 2022, consumers spent 11.3% of their disposable income on food, the highest level since 1991, the Wall Street Journal reported last week, citing data from the US Agriculture Department.
