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From beef, chicken and pork to coffee, it seems food prices across the board are rising, but will higher food costs translate into a bigger restaurant bill? It depends on where you go.
"We're contracted for the bulk of our chicken, really, through 2015. So I think, if anything, it would be very modest," Smith said, adding the price of chicken wings have actually moderated since last year at this time.
Inflation in food costs coupled with unseasonably cold temperatures across the United States and a prolonged drought in California could have an impact on prices at the Hardees and Carl's Jr fast food chains, CKE CEO Andrew Puzder said Friday on "Squawk on the Street."
"We think that will hit soon," Puzder said of rising food costs. "If you're looking to the business, if you're looking to the cost structure and your pricing, you do have to anticipate that food costs are going to go up, particularly beef."
However, Puzder added that some market observers thought the drought that plagued the Midwest in summer 2012 would send food costs higher, but the event actually had little impact on prices.
Not every food or beverage retailer is prepared to raise prices, though.
Starbucks CEO Howard Schultz told CNBC on Wednesday he does not plan to raise prices at its roughly 10,000 company-operated stores.
(Read more: No price hike planned at Starbucks: CEO)
"I think this is a time in America where raising prices is not the right strategy," Schultz said on "Squawk on the Street." "We have to provide value. We have to provide trust with our customers. I want to manage through this without raising prices in our retail stores. We may need to raise prices in the grocery business, which is a different story."
—By CNBC's Drew Sandholm. Follow him on Twitter .