The Seattle-based coffee chain is planning even more menu price hikes this year after previous increases last October and January.
, ongoing supply chain woes and rising labor costs that have eaten into Starbucks’ profits.
Johnson noted the Omicron COVID-19 case surge caused additional costs and staffing shortages that were in “excess of our expectations.” Delivery and transportation of key goods also grew more expensive as Starbucks’ third-party partners experienced delays and labor shortages. Inflation hit a four-decade high of 7 percent in December. Businesses are paying steeper prices for key commodities such as meat, coffee and dairy products – and passing on some of those expenses to American consumers.
Starbucks is the latest of several companies to announce price hikes to combat their rising expenses.raised menu prices by 6 percent
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