Chipotle, $CMG, is raising prices for the 4th time in 2 years.
Chipotle has confirmed that it is adjusting its prices, as reported to Insider on Tuesday. However, the specific menu items affected by the price increases are yet to be disclosed.
Chipotle, $CMG, is raising prices for the 4th time in 2 years
10/11/2023
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Laurie Schalow, Chief Corporate Affairs Officer at Chipotle, cited the state of the economy as the rationale behind these price hikes, marking the chain's fourth such adjustment in the past two years.
While she didn't provide details on the specific menu items impacted and did not address follow-up inquiries, Schalow did mention that the price increases would be "modest" and are implemented to "offset inflation."
In August, inflation rose by 3.7% compared to the same month last year, according to the US Bureau of Labor Statistics. The forthcoming report on consumer prices, expected on Thursday, is anticipated to reveal another substantial increase compared to last year's figures.
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Chipotle's last price hike announcement was in July 2022, resulting in some customers paying over $1 more for their entrees when the increase took effect in August of the same year.
Preceding this, in the first quarter of 2022, Chipotle implemented a 4% price hike. This was in addition to another increase in June 2021, which the company attributed to covering the higher costs of compensating Chipotle employees.
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