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Starbucks, Chipotle & McDonald's Hike Prices to Cut New Costs

7/07/15 1:42 PM EDT
Starbucks (SBUX) customers may be getting an extra kick with their coffee starting on Tuesday. The Seattle based chain will be hiking drinks prices for the second time in under 2 years, with increases ranging from 5 to 20 cents. A large cup of coffee will now cost $2.45 in most outlets, up 10 cents. The coffee house is feeling the pinch of rising healthcare costs, inflation and minimum wage increases. And it's not the only chain that's shifting some of the burden to its customers. McDonald's (MCD) increased prices 2 percent in the first quarter to counter beef inflation and worker wage hikes. Chipotle (CMG) is taking the plunge and cranking up costs 4 to 6 percent by the end of the third quarter, mostly affecting meat items on the menu. The company began offering medical coverage to its full time employees back in February, costing an estimated $4-8 million this year. Buffalo Wild Wings (BWLD) is also suffering from skyrocketing meat costs, expecting the price of wings to jump 25 percent in the second quarter. The restaurant chain upped prices 3.8 percent in the second quarter and is planning another 3.5 percent increase in the third quarter. So customers may have to start digging a bit deeper for their favorite chain brand treats.
Stocks in this video: SBUXMCDCMGBWLD
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