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:
- The Tragic Death Of Missing Mother Tomitka Jurnett-Stewart Must Finally Call Us To National Action
- Tupac Shakur’s Estate Threatens Legal Action Against Drake Over AI-Generated Voice
- Brittney Griner Tearfully Recounts Her Harrowing Detainment In Russia In Upcoming Talk With Robin Roberts
- Arizona AG Indicts 7 Trump Aides And 11 Fake Electors In Yet Another Election Interference Case
- RIP Samuel Sterling: Black Man Killed After Being ‘Run Over’ By Michigan Police, Ben Crump Says
- Colts QB Anthony Richardson Is Now A Member Of Kappa Alpha Psi
- Keke Palmer Shares The Next Chapter Of Her Life In A New Book To Be Released This Fall
- Tennessee House Passes Measure To Arm Teachers And Staff In Response To Nashville School Shooting
- 10 Black Celebrity Brands That Are Taking Over The Industry
- What Does The Impeding TikTok Ban Mean For Black Women Content Creators?