McDonald’s, Chipotle to Raise Menu Prices , After California Approves $20 Fast Food Minimum Wage.<br />Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.<br />Fast food workers in California will receive at least $20 an hour starting April 1, 2024, Fox News reports.<br />During an earnings call on Oct. 30, McDonald's CEO Chris Kempczinski said that the new law will have <br />"a wage impact for our California franchisees.".<br />Certainly, there’s going to be some element of that that does need to be worked through with higher pricing, McDonald's CEO Chris Kempczinski, via earnings call.<br />There’s also going to be things that <br />I know the franchisees and our <br />teams there are going to be <br />looking at around productivity. , McDonald's CEO Chris Kempczinski, via earnings call.<br />How all of that plays out, there will <br />certainly be a hit in the short-term to <br />franchisee cash flow in California, tough <br />to know exactly what that hit will be <br />because of some of the mitigation efforts, McDonald's CEO Chris Kempczinski, via earnings call.<br />Chipotle Chief Financial Officer Jack Hartung also revealed <br />on an earnings call that the company will probably raise <br />prices in the state by a "mid-to-high single-digit" percentage.<br />Aside from wages, other rising costs often prompt restaurants to increase their prices.<br />Over the past year, inflation has <br />risen to 3.7% across all items, according <br />to the U.S. Bureau of Labor Statistics.<br />September 2023's general food index was 2.4% higher than the previous year, according to the Department of Agriculture.
