Tim Hortons Prices Are Set To Go Up This Year & Here's What You Need To Know

Get ready, because Tim Hortons prices are set to increase in 2022 and that means your Double Double could end up getting more expensive.

Restaurant Brands International, the parent company of Tim Hortons, held an earnings call on February 15 about the results for 2021's fourth quarter and for the full year.

During the call, CEO José Cil revealed that despite revenue rising compared to a year ago, the company experience elevated inflation during the last few months of 2021, which will have an effect this year, according to BNN Bloomberg.

"Given the level of commodity costs and labour inflation we're seeing, we expect additional price increases in 2022," he said.

Cil noted that price increases at Tim Hortons are typically in line with or just below the Consumer Price Index (CPI).

According to Statistics Canada, inflation reached a level in January 2022 that hasn't been seen since September 1991. The CPI rose 5.1% on a year-over-year basis!

No information has been given about exactly when prices could go up or which Tim Hortons menu items could cost more.

In the call, Cil also revealed that Timbiebs were so successful when they were released near the end of 2021 that Tim Hortons is planning on doing more with its partnership with Justin Bieber in 2022.

Tim Hortons isn't the only retailer that's increasing prices this year. Starbucks is also planning on making price changes in Canada during 2022.

The coffee chain said that there are different factors contributing to its pricing strategy, including increasing inflation, wages, customer demands and other costs.

There are no details on which menu items at Starbucks could be affected by the increases.