Starbucks has been hiking prices as inflation soars and labor costs rise. And it's planning more this year.
The coffee chain raised its US prices in October and again just last month in January, CEO Kevin Johnson noted during an analyst call Tuesday. He added that the company is planning even more price hikes this year.
In the three months ended on January 2, sales at Starbucks stores open at least 13 months jumped 13% globally and 18% in North America, driven partially by higher prices, the company said Tuesday. It's yet another example of US prices rising across the board, hitting consumers' wallets and affecting companies' bottom lines. The US consumer price index, a key inflation gauge, rose 7% last year, before seasonal adjustments, the Bureau of Labor Statistics reported. That was the biggest spike since June 1982, and it was higher than economists predicted.
Starbucks is no exception: The company said in October it would raise wages to at least $15 an hour for baristas, with most hourly employees earning an average of nearly $17 by the summer.
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