Yes and No.
Exercise may increase your appetite to begin with, but this is perfectly natural. However, as your body adjusts to exercise and you begin working at higher intensities, you should experience a decrease in appetite.
Research shows that the more intense the exercise, the higher your body temperature and the more likely your appetite will be suppressed for several hours following exercise. Exercising at a low intensity and working out in cold temperatures will have less effect on hunger and post-exercise appetite.
Start slow and gradually increase your exercise intensity, be consistent and most importantly, BE PATIENT!! Give your body the time it needs to adjust and it will respond appropriately.
Sheila Rolling, Personal Fitness Trainer and Owner of Fit for Life – Fitness Club in Faribault, MN.

I recently started spinning and I have noticed my hunger has increased!
Seems as though my body is craving more food throughout the day. I don’t want to gain weight! Do you have any suggestions?
That’s a great sign that your hunger has increased! That suggests your metabolism is burning calories at a higher rate. Your body is saying, “I’m burning fuel faster. I’m operating at a higher rate. More fuel please!”
Ideally, you want to feed your muscles every 3-4 hours. Small meals throughout the day. Include protein in ALL meals & snacks.