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Chipotle announces menu price hike due to inflation

Stellar Snippets

Chipotle Mexican Grill's Chief Corporate Affairs Officer Laurie Schalow announced that customers will see a "modest price increase to offset inflation."

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The restaurant did not share details about how much the prices will increase yet.

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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.

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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.

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This reduced customer footfall, and ingredient costs also became manageable, so the burrito chain paused the price hike.

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The reduced customer footfall and manageable ingredient costs prompted the burrito chain to pause the price hike.

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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.

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