Source: Nenov / Getty
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:
The Latest:
- Latto Is Stunning In Rick Owens At 2023 iHeart Radio Awards
- Vote for Joy to Win a Stellar Award for Station of the Year
- Small Doses: Kandi Burruss Talks Side Effects Of Girl Group Dynamics
- Blac Chyna Wears A T-Shirt Of Kim Kardashian To Show ‘Support’ For The Reality TV Star
- Gabi Fresh Swim x ELOQUII’s Collaboration Will Bring Out Your Inner Baddie
- Gary’s Tea: Malia Ann (Obama) Rocks A New Name and New Look
- Keke Palmer Shares Life Story In Her New Amazon Music Short Film ‘Big Boss’
- Lizzo Is A Stylish Beach Babe In Her Latest Instagram Pic
- Active Shooter At Nashville Elementary School; Gunned Down
- Hot Spot (UPDATE): Judge Joe Brown Denies Sexual Assault Claims [LISTEN]
