McDonald's CEO: California minimum wage hike driving labor inflation

McDonald's CEO Chris Kempczinski said Tuesday that the company expects wage inflation to affect restaurants nationwide, which he largely attributed to the higher minimum wage legislation recently implemented in California.

"There is certainly labor inflation. Much of that is coming out of what happened in California," Kempczinski told analysts on the company's earnings call.

Nationally, "we're expecting high single-digit labor inflation. Again, much of that [is] from the bleed-over of what California introduced," he said...