McDonald's warns of higher food inflation

* Q1 profit $1.15 per share vs Street view $1.14

* Sees more food inflation in United States, Europe

* Plans small price increases this year

* Will sacrifice some margin to protect traffic

* Shares down 1.5 percent

http://www.reuters.com/article/2011/04/21/mcdonalds-idUSN2113482820110421