Preheat oven to 400 degrees. Mix flour, baking powder, cinnamon and salt in large bowl. Mix cereal and milk in another bowl; let stand 3 minutes. Stir in carrots, sugar, egg and oil. Add to flour mixture; stir just until moistened (batter will be lumpy). Stir in raisins. Spoon batter into muffin pan which has been sprayed with vegetable cooking spray, filling each cup two third full.
Bake 25 minutes or until golden brown. Serve warm.