Rising costs ding McDonald’s profit

McDonald’s was stung in 2021 by rising prices and higher labor costs.  | AP file

McDonald’s ended 2021 on a high note with U.S. customers spending more and fewer restaurant closures in Europe from coronavirus restrictions.

But higher costs for food and labor weighed on profits, and the company said it expects that pressure to continue this year. McDonald’s reported adjusted earnings of $2.23 per share, 11 cents short of Wall Street expectations, according to analysts polled by FactSet.