"This cycle of volatility and high inflation that we've seen over the last couple of years really caused our momentum to stall," Powell said of its sales volumes.
Inflation was as high at 11 percent and that forced General Mills and other food companies to hike prices to try to offset the increased costs.
Next year, consumers should see stable prices at the supermarket, Powell said. "As we see that, we're starting to see our volumes start to recovery," he added. "We think we can sustain this going forward."
General Mills, which makes Cheerios cereal, Progresso soups and Haagen Dazs ice cream, expects inflation in the range of 2 percent to 3 percent next year, which it can offset through productivity improvements instead of higher prices.
Earlier, the food company said it expects to earn $2.65 to $2.67 per share in fiscal 2013, excluding accounting adjustments, a tax benefit and restructuring and integration costs. Its earlier forecast called for earnings of about $2.65 per share.