Domino's Pizza, the nations largest pizzeria franchise chain reported earlier today on CNBC that it expects its food basket costs to grow by eight to ten percent in the coming year. The CEO, Richard Allison, also cited labor costs as "a big factor" in the inflation factor with wage costs increases mainly due to supply demand dynamics of labor.

In addition to pricing action., the CEO stated that improving operational efficiency through the use of technology (POS, online ordering, mobile app, loyalty program) will lead to delivering more product with fewer hours of labor.

On the demand side, Allison added that they still see a strong consumer when looking at consumer spending and savings rate over the past two years.