Costco CEO confirms its hot dogs will not face a price hike after rumors swirl about the fate of the retailer's signature snack

• Costco's CEO confirmed to CNBC that its hot dog prices will remain the same.
• It follows rumors of a price hike, despite previous denials by senior company figures.

Costco CEO Craig Jelinek told CNBC in an interview on Monday that the price of Costco hot dogs will not be raised despite rumors to the contrary.

The hot dog and soda combo, which is sold in the retailer's enduringly popular food court, costs $1.50 and has remained the same price since 1985.

When asked by a CNBC reporter whether the rumors circulating online about a price hike were true, Jelinek simply replied: "No."

Jelinek had previously spoken out on the issue, in January 2020, when he assured shareholders he was committed to the combo price, reportedly telling stakeholders: "We have no plans to take that hot dog above a buck fifty. End of story." The company's senior vice president, Robert Nelson, made a similar comment in May.

However, as inflation continued to soar and Costco raised the price of other food court favorites, speculation about the hot dogs began to grow, seemingly prompting Jelinek to comment again.

As Insider's Mary Meisenzahl reported, the company's chicken bake prices were recently raised from $2.99 to $3.99, while its 20-ounce soda increased from $0.59 to $0.69.

A representative for Costco confirmed to Insider they had no intention of raising the $1.50 deal despite inflation.

The company has repeatedly committed to maintaining hot dog prices over the years.

Costco's founder once told Jelinek, who was reportedly complaining about the food combo losing the company money: "If you raise the [price of the] effing hot dog, I will kill you," according to a Mental Floss article from 2018 that has been circling online recently.