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(Yicai) Dec. 27 -- McDonald's China raised its prices for the third time in two years, blaming the increases on higher operating costs.
The fast-food chain raised the average price of menu items by an average of 3 percent today, with some items up by CNY0.4 to CNY2 (6 US cents to 28 US cents), according to its mobile app. McDonald's China will release new special offers every month, the app also showed.
Unlike previous hikes, McDonald's did not increase the cost of its CNY13.9 (USD1.90) 1+1 combo, which has 14 options and is popular with students and white-collar workers. It added CNY1 to the 1+1 combo and some other items in January after raising the price of the meal to CNY12.9 from CNY12 in December 2021.
When Yicai asked if the changes are nationwide, McDonald’s customer service department said prices and promotional activities may vary from outlet to outlet, and customers should refer to the information shown in-store.
Rivals have not yet matched McDonald's price increases. A source at Burger King told Yicai that the franchise owned by Restaurant Brands International does not plan to hike prices in the near future and Kentucky Fried Chicken said it has not received any notice to raise prices in China.
Net profit at McDonald's China jumped 17 percent to USD2.3 billion in the third quarter from a year ago, while revenue rose 14 percent to USD6.7 billion. In terms of same-store sales growth, McDonald’s’ international market, including China and Japan, performed well.
Its China business aims to swell the number of its restaurants to 10,000 by 2028, Global Chief Executive Chris Kempczinski has said.
Editor: Emmi Laine