McDonald's and Chipotle to Raise Prices in California After Minimum Wage Increase

McDonald's and Chipotle will raise menu prices in California after minimum wage increase to $20/hr.

McDonald's CEO said higher prices needed to offset "wage impact" of new law.

Chipotle CFO said prices will likely increase by "mid-to-high single digit" percentage.

Price hikes come after Gov. Newsom signed bill raising minimum wage for fast food workers.

Restaurants have increased prices recently due to high inflation across food items.