NEW YORK (Reuters) - Chef Boyardee maker Conagra Brands ( CAG ) may have to hike prices to offset the cost of tariffs on ingredients like cocoa, olive oil, palm oil and a type of steel used for its canned food products, CEO Sean Connolly said on Thursday.

The possible hikes - coming after grocery prices have already soared double digits over the last several years - are aimed at protecting Conagra's margins, so the Chicago-based food maker can continue to invest in its business and new products, Connolly told Reuters in an interview.

"I will look at everything from getting more out of our productivity programs, to (seeing) if there's an alternative source of supply that is lower cost," Connolly said. "But we'll also look at targeted pricing because, at the end of the day, we have to protect our margin structure."

U.S. President Donald Trump announced sweeping new tariffs on Wednesday, threatening to make many purchases, from cars to wine to electronics, more pricey for consumers. Trump had already put in place tariffs on steel and aluminum.

Connolly said Conagra relies on tin mill steel for its canned tomatoes and chili and sources most of it from abroad. This type of steel, which is not widely manufactured domestically, was exempt from tariffs Trump put in place during his first term, Connolly said.

"We have a large canned food business," the CEO said. "They all use tin mill steel sourced from outside the U.S., from a variety of countries."

Conagra also buys vegetables from Mexico, but those purchases may be exempt from tariffs because of a separate trade agreement, Connolly said.

Connolly said it was too early to tell how big price hikes on the company's food products would be.

The Consumer Brands Association, a trade group representing companies including Conagra, has been pushing the Trump administration to waive tariffs on imports like tin mill steel that aren't otherwise available domestically.