McDonald's intends to raise prices

OAK BROOK, Ill., Oct. 22 (UPI) -- U.S. restaurant chain McDonald's said it was preparing to raise prices to cover higher costs of commodities.

McDonald's has not raised prices since late 1990, Media Post News reported Friday.

The firm said it expected commodity costs to rise up to 3 percent in 2011. The price hikes are expected in Europe and the United States, but the firm did not release details.

"We'll actively look at opportunities and with some optimism the economy will get stronger next year and we'll get price increases," Chief Financial Officer Peter Bensen said.