Chipotle Mexican Grill's Chief Corporate Affairs Officer Laurie Schalow announced that customers will see a "modest price increase to offset inflation."
The restaurant did not share details about how much the prices will increase yet.
The 12-month consumer price index rose 3.7% in August compared to 8.3% in 2022, per the U.S. Bureau of Labor Statistics, indicating a lower inflation rate.
Chipotle began increasing its prices in June 2021 because of increasing wages for its employees, and prices increased again in the first quarter and July 2022.
This reduced customer footfall, and ingredient costs also became manageable, so the burrito chain paused the price hike.
The reduced customer footfall and manageable ingredient costs prompted the burrito chain to pause the price hike.
Chipotle's stock stands at a market value of $50.1 billion this year, rising 30%. Its revenue grew 13.6% in the second quarter.