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Buying Beef: Fast Food Costs Rise Due to Increased Beef Prices
Aired October 30, 2003 - 06:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. Fast food prices on the rise, but Hugh Hefner still wants you to buy the beef.
What the heck does that mean?
Carrie Lee explains from the Nasdaq market site.
Please explain that.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: A lot of little stories here, Carol, with hamburger meat being the key.
Let me start with Denny's. The cost of a Grand Slam Breakfast is going up. For that matter, Denny's says it's raising all of its menu prices by about 2 percent because of the higher costs for beef and pork.
This is an industry wide trend. Remember McDonald's, the Chili's restaurant chain also indicated price hikes going forward because U.S. cattle prices are at a record high. According to the U.S. Department of Agriculture, they have increased 34 percent since July. High protein diets such as the Atkins Diet, the South Beach Diet have pushed up demand. Also, the U.S. stopped importing Canadian beef five months ago. So all of this means higher prices and higher restaurant costs.
Now on to Hugh Hefner, the 77-year-old founder of "Playboy" magazine and Playboy Enterprises is working as a pitchman for, among other places, Carl's Jr. This is the hamburger chain. Also includes Hardee's and some other names. He sort of made his way into the advertising industry recently with some other companies as well, Tanqueray Gin, Jack Daniels, for example. Seventy-seven years old, Carol, and still going strong.
COSTELLO: I wonder if his many girlfriends will appear with him?
LEE: Don't know about that, but maybe they are helping his vitality. Who knows?
COSTELLO: I'm sure they are. Thank you. Carrie Lee live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Prices>
Aired October 30, 2003 - 06:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. Fast food prices on the rise, but Hugh Hefner still wants you to buy the beef.
What the heck does that mean?
Carrie Lee explains from the Nasdaq market site.
Please explain that.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: A lot of little stories here, Carol, with hamburger meat being the key.
Let me start with Denny's. The cost of a Grand Slam Breakfast is going up. For that matter, Denny's says it's raising all of its menu prices by about 2 percent because of the higher costs for beef and pork.
This is an industry wide trend. Remember McDonald's, the Chili's restaurant chain also indicated price hikes going forward because U.S. cattle prices are at a record high. According to the U.S. Department of Agriculture, they have increased 34 percent since July. High protein diets such as the Atkins Diet, the South Beach Diet have pushed up demand. Also, the U.S. stopped importing Canadian beef five months ago. So all of this means higher prices and higher restaurant costs.
Now on to Hugh Hefner, the 77-year-old founder of "Playboy" magazine and Playboy Enterprises is working as a pitchman for, among other places, Carl's Jr. This is the hamburger chain. Also includes Hardee's and some other names. He sort of made his way into the advertising industry recently with some other companies as well, Tanqueray Gin, Jack Daniels, for example. Seventy-seven years old, Carol, and still going strong.
COSTELLO: I wonder if his many girlfriends will appear with him?
LEE: Don't know about that, but maybe they are helping his vitality. Who knows?
COSTELLO: I'm sure they are. Thank you. Carrie Lee live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Prices>
