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LOS ANGELES (Reuters) – McDonald's Corp (MCD.N) plans to raise prices this year to help offset an expected rise in its grocery bill for the 10 commodities that account for around 75 percent of its food preparation costs.
Food prices are rising around the globe and the comments from the world's biggest restaurant chain overshadowed weaker-than-expected December sales at established European and U.S. restaurants, as poor weather hurt demand, and a reported fourth-quarter profit that was in line with expectations.
McDonald's expects its costs to rise 2 percent to 2.5 percent this year in the United States and 3.5 percent to 4.5 percent in Europe.