General Mills Inc. on Tuesday announced a 15 percent increase in its dividend rate, marking 114 consecutive years of such increases.

The Golden Valley-based packaged food giant’s dividend will rise from 33 cents to 38 cents per share effective with the Aug. 1 payment. The new annualized dividend rate of $1.52 represents a yield of about 3.3 percent at recent prices for General Mills stock.

General Mills’ dividend streak began with its predecessor firm — Minneapolis flour miller Washburn Crosby Co.