The chain said today it’s hiking prices in the “mid-single digits” percentage, reports the Associated Press, so we’re going to guess they’re going up about 5%.
Menu boards displaying the new prices should be up in all restaurants in the early part of the first quarter, which means right around now, reports the Associated Press.
Chipotle’s co-CEO Steve Ells says customers don’t come to the restaurant because of its prices, anyway.
“Most of the value comes from the experience,” Ells said, adding that the company had earned “permission” from customers to raise prices because of that experience. And if it wanted to, Chipotle could keep raising those prices without pushing people away.
“We’ve still got room,” he said.
Food costs money, and with rising prices for beef, avocados and cheese, Chipotle is trying to make sure it’s still making a nice tasty profit.
Chipotle Hiking Prices as It Draws More Customers [Associated Press]