Many consumers love Costco for its low prices on bulk items but unfortunately for shoppers of this warehouse store, the company recently raised prices on two delicious bakery items: the Kirkland Signature Croissant Pack and Kirkland Signature Muffins. Both items have been raised by $1, Eat This Not That reports.
The 12-pack of Kirkland Signature Croissants, which were previously $4.99, are now $5.99, while the store’s pack of 6 muffins has been brought up from $7.99 to $8.99. Shoppers on Reddit were quick to notice the price change. “You BUTTER believe it they went up in price!” one commented in reference to the croissants.
The company confirmed these price changes on an earnings call last Thursday, when Senior Vice President of Finance and Investor Relations said the higher cost is due to inflation in the prices of raw materials. "Reluctantly, we took up the price of our muffins and our croissants, I think, $1 as the price of a lot of those raw materials have continued to escalate to two times and three times and four times what they were last year," Nelson said in the call.
As the company will now bring in an additional dollar for every sale on their croissants offense, the idea is that they will be able to balance out the added production and material costs.
While this issue has led to price hikes in many of the store's items, Nelson made it clear that they will not be increasing the cost of the iconic hot dog and soda combo, despite "incorrect information floating around on social media. Additionally, membership costs will remain the same for the time-being, despite any rumors you may have heard. "Given the current macro environment, the historically high inflation, and the burden it's having on our members and all consumers in general, we think increasing our membership fee today ahead of our typical timing is not the right time," he said. Praise be!
Now let's just hope they don't raise the price of danishes next.
