McCormick beat market expectations for first-quarter sales and profits, as consumer demand for spices and seasonings held steady amid persistent inflation, sending its shares up nearly 9%.

Demand for McCormick hot sauces and other condiments remained stable, and the company increased promotions and took steps to reduce price differences between its own products and private label products, slowing the rate of volume decline, Reuters reports.

The company's volumes for the quarter fell 1%, after having decreased 3% in the previous quarter, while prices increased 3%, after having risen 5% in the previous quarter.

McCormick expects volume trends to continue to improve as the year progresses and to drive volume growth during the second half of the year, said CEO Brendan Foley.

Unlike its peers Kraft Heinz and International Flavors & Fragrances, whose volumes were affected by aggressive price increases in previous quarters, McCormick recorded an increase in sales in the first quarter.

The company reported net sales of $1,60 billion, compared with the average analyst estimate of $1,56 billion, according to LSEG data.