Chipotle Considering Raising Prices As Minimum Wages Rise

That yummy Chipotle burrito you like to get for lunch may bump up in price later this year.

For months now, Chipotle executives have been hinting that changes in menu prices were in the works. While the chain has held off on raising prices significantly in recent years, in January 2018, the chain finished implementing price increases that began in April 2017.

Chipotle also hired an outside consultant to analyze the menu’s pricing, executives revealed at the ICR Conference on Tuesday. The analysis came at a time when many chains began investigating ways to avoid having rising labor costs cut into profit margins.

“Every cost in the business is a challenge,” Chipotle CEO Brian Niccol told Business Insider. “The good news is we have a model that we can invest in our labor. And, we will use sales growth coupled with some pricing to handle it.”

Niccol and CFO Jack Hartung did emphasize that the chain will keep prices well within customers’ price range.

“We’re behind on raising prices,” Hartung said. “I think we want to say we’re always behind. What that means is we’re making Chipotle accessible to everybody.”

Hartung went on to compare Chipotle with Whole Foods, saying, “We chose a long time ago, and we’re still sticking with this, we don’t want to be like Whole Foods. Whole Foods does a great job, but they historically have charged very, very high prices.”

Think your old stuff is junk? Think again. This video reveals 41 creative, budget-friendly home decor hacks that...
An abandoned mega mansion in China awaits — and the interiors will blow you away! From an indoor pool to a home...
A book filled with mysterious writing and bizarre illustrations that no one can understand. Can you crack the...
Ever wonder why we dream? Dive into the strange science behind why our minds make up stories while we sleep and how...
What if I told you there was a time in history when living in the water was actually safer than on land? Sounds crazy,...
Get ready for an emotional rollercoaster! Watch these incredible animal reunions that will tug at your heartstrings...
Are you ready to dive into the weirdest, most disgusting foods from around the world? From fried tarantulas in Cambodia...
Throughout history, beauty standards have been anything but predictable! From bizarre body modifications to odd fashion...
Want to uncover the truth behind some of history's creepiest mysteries? Get ready to learn what happened to mysterious...
Marie Curie’s genius revolutionized science, yet her relentless pursuit of knowledge came at a deadly cost. From...
What makes a true genius? In The Most Talented Human in History, we delve into the life and work of the one man who...
Join us for a wild ride through history in this episode of "Puppet History," where the stakes are high and the humor is...