Chipotle announced that it is raising menu prices by 2% in response to inflation, as the burrito chain counters increased prices of key ingredients, including dairy, beef, and avocado.
Chipotle Mexican Grill’s food prices are increasing by approximately 2% to offset inflation costs, according to Chipotle’s chief corporate affairs officer Laurie Schalow. “For the first time in over a year, we have taken a modest price increase of approximately 2% nationally to offset inflation,” said Shalow said in an emailed statement to TODAY.com. The comment came in part as a response to a report by Truist Securities financial group, according to NBC News.
analysts on Wall Street projected a $2.82 billion expected revenue, CNBC reported. Despite the revenue numbers, the company’s adjusted earnings per share rose to 27 cents over an expected 25 cents for the quarter, according to a survey by analysts. This is the fifth menu price increase since June 2021, when the chain announced an approximate 4% increase to increase workers’ wages. The most recent price hike was in October 2023. The latest price change comes under Chipotle’s Chief Executive Officer Scott Boatwright, who was put in the role permanently on Nov. 11, taking over as interim after former CEO Brian Niccol was named CEO of Starbucks on Aug. 13.
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