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Restaurant prices are still rising all across the United States, and even your regular coffee order at Starbucks is going to get more expensive in the coming weeks. According to a new report, this is the fifth time Starbucks is raising menu prices in two years. The coffee house chain is also implementing “additional pricing actions” that can result in extra fees for some beverages as it attempts to boost its bottom line in the second half of 2023.
Many consumers have already started to notice price changes in their area recently, and while some complain about yet another spike in menu costs, the company is seeing profits go through the roof. The controversial pricing strategy is being followed by multiple fast food and restaurant chains right now as they prepare for a consumer recession and introduce their final price hikes before the economy starts to crater again.
Food industry analysts with NBS revealed that over the past couple of years, Starbucks products faced price hikes of 20% to 30%. And according to the international company’s second-quarter financial report, it looks like lattes aren’t going to cost less any time soon.
The last price increase announced by Starbucks dates to May 6, when it passed along a 20-cent hike on the cost of several beverages. So far this year, it raised prices by an average of 70 cents. In a recent interview, new CEO Laxman Narashiman said Starbucks price increases will moderate from now on. Thankfully, this means that they may not be as high as before. But the bad news is that they’re still happening.
Its latest earnings report cited higher operating expenses such as the rising cost of food, labor, and packaging as a reason why it will raise prices once more in 2023. However, the company’s announcement was met with criticism after people pointed out the decline in global coffee bean prices and other commodities in the past few months.
The company’s earnings report reveals that price increases drove net revenues up 15% year-over-year to a record $8.1 billion in 2022. The coffee house chain reported a 31% increase in profits in the past three months.
According to historian Andy Lewis, Starbucks’ explanation for the impending price increases amounts to nothing more than “word salad to hide corporate greed.” On a similar note, the consumer advocacy group Public Citizen responded with outrage to Starbucks increasing prices for the fifth time after giving its CEO a nearly 40% raise last year. “Corporations are jacking up prices on consumers and using concerns about a recession as cover to do so,” he wrote.
At this moment, many big names in the restaurant industry are doing the same as Starbucks.Part of those added costs may indeed be unnecessary considering how much these companies are making. But the reality is that they can feel that much harder times are ahead of us and they’re trying to better position themselves to fight the recession that is starting to unfold. The restaurant business is the first to go down when a major economic downturn hits. That’s what happened during the pandemic when thousands of locations were shut down due to collapsing sales. A similar fate seems to approaching us, and those who didn’t come up with a plan won’t survive the storm.
Article and video via Epic Economist.
Discern Report is the fastest growing America First news aggregator in the nation.
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
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Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,