5 Restaurant Chains That Raised Their Prices Even More – Don’t Eat This Not That
If there’s one thing everyone in the restaurant industry is talking about these days, it’s pricing. The skyrocketing food costs are putting pressure on chains to find the right place for what customers are willing to pay in order to adjust profit margins.
The unfortunate truth is that inflation and its effects on restaurants are inevitable. When chains don’t raise prices, they find other ways to cut costs—either by closing unprofitable sites, downsizing, or coming up with deals of new value that might entice higher checking rates. It’s an aggravating walk before diners start noticing the drop in quality or the feeling that fast food has simply become too expensive.
So while there is no winning in the inflation game, simple price hikes may be a more honest way (considering that the additional cost usually falls on the consumer). With that in mind, here are the chains that have raised their prices or have plans — for better or for worse.
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In earnings call In February, former CEO Kevin Johnson said the company had “taken pricing action” in October 2021 and January this year, and had additional plans for further increases later this year.
CBS I reported in February that the price of a Venti (large) coffee was $2.45 in 2021 but is now $2.95 in some locations, which is a 20% increase.
McDonald’s isn’t the very cheap food it used to be, thanks to the high prices for the meat. Besides increasing wages for workers, customers are paying more than ever to buy a Big Mac.
McDonald’s raised its prices in the US by about 8% compared to last year, According to CFO Kevin Ozan on the April earnings call. Previous year, series Prices shocked by 6%.
The fast-food chain known for its burrito-tex-mex dishes raised its prices by 4% across its menu in December, citing an attempt to offset food and labor costs.
The move culminated in an overall 10% increase in prices across the board since last year, which CEO Brian Nichol confirmed during Earnings call in february.
Bloomin’ Brands, the parent company of Outback Steakhouse, has announced that it will raise prices by 5% this year. This increase is close to the previous increase of 3%, which the brand said was not enough to make up for it.”inflationary pressures. “
Wendy’s has made the bold move of raising prices twice in two years. Last year, the company increased its listing prices by 6%, according to CEO Gunther Plosch. He also confirmed, during an earnings call in March, that Prices will rise another 5% in 2022.
While Wendy plans to raise prices, she will push her more affordable options such as her Biggie bags “to strike the right balance and maintain the perception of value,” according to Plosch.
Amber Lake is a writer for Eat This, Not That! He received a degree in journalism from the United Nations Foundation in Jacksonville, Florida. Read more