According to NBC4i, Starbucks on Tuesday announced that it will be increasing the prices of its products in 2022, citing rising inflation, supply chain disruptions and increasing labor costs, according to a statement by the company.
The coffee giant missed its projected quarterly profit as the highly-contagious omicron variant of COVID-19 swept across the globe, causing increased labor shortages and further coronavirus-related restrictions, particularly in China, which is Starbucks’ fastest-rising market, which was discussed in the company’s conference call.
The move marks the second time in just four months that the company has hiked prices, having also increased menu item costs in October 2021, reports The New York Times — and more price rises are on the way this year, according to Starbucks executives.
“Although demand was strong, this pandemic has not been linear and the macro-environment remains dynamic as we experienced higher-than-expected inflationary pressures, increased costs due to Omicron, and a tight labor market,” said Kevin Johnson, Starbucks president and CEO.
Get Breaking News & Exclusive Contest in Your Inbox:
- Todd Dulaney Debuts “It’s Working” Featuring Bishop Hezekiah Walker
- HBCU, Tennessee State University Makes History With A Grammy Nomination of Their Project, “The Urban Hymnal”
- DA’ T.R.U.T.H. Rebrands on New Self Titled Album, “Emanuel”
- Jonathan McReynolds Is Number One On Billboard’s Gospel Air Play Chart Five Weeks in a Row (Week of January 28, 2023)
- MNRK Music Group Celebrates Nominations for Recording Artists Major., Jonathan McReynolds and James Fortune @ The 54th NAACP Image Awards
- CeCe Winans Releases New Music Video and Prepares for Tour
- Spike Lee to Receive the WGA East’s Ian McLellan Hunter Award for Career Achievement at 75th Annual Writers Guild Awards
- New York City’s Town Hall Presents ‘A Celebration of Composer Twinkie Clark’ Featuring Karen Clark Sheard and Damien Sneed, along with Presenters Faith Evans, Camille Thurman, and Juandolyn Stokes
- Lecrae Announces Dates for “Final Church Clothes” Tour
- The Connection Between Brain Science and Goals | Dr. Willie Jolley