McDonald's and Chipotle to Raise Prices in California To Offset Minimum Wage Increases

McDonald's and Chipotle will raise menu prices in California next year to offset minimum wage increases for fast food workers.

Prices for McDonald's expected to go up over 10% this year; Chipotle prices to increase mid-to-high single digits.

California's new law raises minimum wage for fast food workers to $20/hr by 2024.

Price hikes come as McDonald's and Chipotle report rising quarterly earnings.

California has about 1,300 McDonald's and 230 Chipotle locations, representing 10% and 15% of each chain.