Restaurant chain is paying more for beef, avocados and freight — and passing those costs on to consumers.
Chipotle Mexican Grill is jacking up its menu prices, citing higher costs linked to. 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. « It’s really the last thing we want to do, but we’re fortunate that we can pull it off, » the executive said of its pricing moves and customer behavior. « We see no resistance to date with the levels that we’re currently at. » 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.
