McDonald's Japan hikes prices for 3rd time in 10 months on surging costs
By Rocky Swift
TOKYO (Reuters) – The Japanese operator of McDonald's restaurants announced its third price hike in less than a year on Friday in the latest sign of compounding inflationary pressures on the nation's consumers.
McDonald's Holding Company Japan Ltd said it would raise prices on about 80% of its menu from Jan. 16, citing currency fluctuations as well as surging costs for materials, labour, transportation, and energy.
The hikes follow previous increases in March and September last year, as Japan grapples with inflation and a slide in the yen that has made imported ingredients more expensive.
The price for a single cheeseburger will go up to 200 yen ($1.49) this month from 140 yen a year ago. The cost of the signature Big Mac hamburger will go up to 450 yen from 410 yen previously.
Japanese consumers will see price increases on more than 4,000 food items from next month, researcher Teikoku Databank said on Thursday, following an even bigger wave of hikes last October.
Separately, Japanese restaurant operators Hot Palette Co and Royal Holdings Co said on Friday they would also be raising prices in January and March, respectively, mostly on beef and steak items.
($1 = 133.9200 yen)
(Reporting by Rocky Swift; Editing by Michael Perry)
Source: Read Full Article