McDonald's CEO releases public statement addressing price hikes Joe Erlinger, President of McDonald's USA, has released a statement rebuffing recent news and social media criticism about the food chain's prices. In a post on the official McDonald's site,...
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Joe Erlinger, President of McDonald's USA, has released a statement rebuffing recent news and social media criticism about the food chain's prices.
In a post on the official McDonald's site, Erlinger responded to claims that the price of the average Big Mac was double that of its 2019 equivalent.
"Recently, we have seen viral social posts and poorly sourced reports that McDonald's has raised prices significantly beyond inflationary rates. This is inaccurate. And for a brand that proudly serves nearly 90% of the U.S. population every year, we feel a responsibility to make sure the real facts are available."
Elringer says the media is making a meal of prices
The CEO of Golden Arches said that the doubling of the average price for a meal at McDonald's was false. The global food chain would say that a 20.5% increase was the actual figure, comparing the 2019 Big Mac at $4.39 in 2019 and today's price of $5.29.
He said "I fully expect the prices at your local McDonald's to be an area of conversation and focus in the coming months. As it does, I hope you'll see the programs we're launching nationally and locally as meaningful to you. At the same time, I hope it's helpful to see some of the common myths that I've encountered and the facts that go along with them."
The average increase in all items at McDonald's is 40% or more over the last five years due to labor costs, paper, and the general increases seen in the financial sphere.
"The average price of a Big Mac in the U.S. was $4.39 in 2019. Despite a global pandemic and historic rises in supply chain costs, wages and other inflationary pressures in the years that followed, the average cost is now $5.29. That's an increase of 21% (not 100%)," said the CEO.
McDonald's publicly refuting the commentary about prices for their meals shows just how tense the market is in retail and retail food chains.
We recently reported that the iconic Red Lobster food chain has gone to the wall financially and is looking to sell multiple assets to investors to keep the brand alive.
Image: Ideogram.
