McDonald’s pushed customers to the brink on price. They’re starting to push back
CNN
Corporate America may be bumping up against the limit of its power to keep raising prices as consumers in some markets cry uncle.
Corporate America may be bumping up against the limit of its power to keep raising prices as consumers in some markets cry uncle. At McDonald’s, which has repeatedly boasted about its ability to raise menu prices without denting sales, executives are finally acknowledging that customers need a break. On Monday, as the burger chain reported weaker-than-expected sales at its US stores, CEO Chris Kempczinski addressed McDonald’s “affordability” problem, and indicated the chain would cut prices on some menu items. “Eating at home has become more affordable,” Kempczinski said. He’s right: Grocery prices are still high, but they rose just 1.3% overall in 2023, while dining out surged 5.2%, according to the latest Consumer Price Index report. That’s putting pressure on lower-income consumers, a vital base for the chain.
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