Kraft, Kellogg post better-than-expected results

* Kraft EPS 45c ex items; analyst view 44c

* Kellogg EPS 89c; analyst view 80c

* Kraft backs 2008, 2009 EPS outlooks

* Kellogg says will finish at high end of '08 EPS outlook

* Kraft up nearly 2 pct premarket; Kellogg not active

CHICAGO (Reuters) - Kraft Foods Inc (KFT.N) and Kellogg Co (K.N) posted better-than-expected third-quarter profits on Wednesday as price increases and new products helped lift sales in a weak economy.

Kraft also stood by its forecasts for 2008 earnings before one-time items as well as for 2009 net income, while Kellogg said its profit this year should hit the high end of its previous targeted range.

Both Kraft, the largest North American food maker, and Kellogg, the world's largest cereal company, have taken steps to cut costs and put more money into advertising. Both have also bolstered new product development to attract consumers even as rising commodity costs pushed them to raise prices.

Commodities like wheat and energy have become less expensive in recent months, but food companies may not see a big benefit until next year, in part because they lock in their costs months ahead.