Starbucks Planning More Price Hikes
Your favorite Starbucks cup of coffee is about to get a little more costly with more price hikes coming in 2022.
Even though the coffee giant raised prices in October 2021 and once again last month, inflation and rising labor costs are likely to force even more price hikes this year.
“We have additional pricing actions planned through the balance of this year,’ Starbucks CEO Kevin Johnson revealed during an analyst call reported by CNN Business, adding the price increases will “play an important role to mitigate cost pressures, including inflation.”
Still, Johnson was quick to note the rising costs aren’t putting off customers, saying, “With those pricing actions, we still saw incredibly strong demand through the holiday season.”
According to CNN Business, Starbucks isn’t the only one having to raise prices. In 2021, restaurant prices rose 6 percent, according to the Bureau of Labor Statistics.