Chipotle Mexican Grill is hiking up its menu prices again due to inflation according to the restaurant chain's CEO
The restaurant chain plans to raise prices a little more than 6% this year, CEO Brian Niccol told Wall Street analysts in an earnings call on Tuesday. Chipotle also hiked its prices by 4% in December, with its offerings now about 10% more costly than they were only a year ago.
Chipotle's costs have increased in recent months, especially for labor, freight, beef and avocados, both Niccol and Chief Financial Officer John Hartung said during the call. over the past year, as companies including Tyson Foods protect their bottom lines by passing along higher grain, labor, transportation and other costs. Overall, the Consumer Price Index, which tracks the price of a broad range of goods and services, rose 7% last year — thein nearly 40 years.
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