Chipotle to Raise Prices for the First Time in Years

While Chipotle may not be dropping guacamole off of their menus, the burrito purveyor will soon be charging more for it. The Associated Press reports that for the first time in three years, the Mexican fast-casual chain will raise its prices. While the exact figures aren't in, "executives have said in the past they were considering a hike of about 3 percent to five percent" or about $.25-$.50 on each $8 burrito bowl.

In a press release, the chain reveals that it is facing higher commodity costs "primarily driven by inflationary pressures in beef, avocados, and cheese prices." AP notes that during a conference call with analysts, Chipotle's chief financial officer Jack Hartung said the company had earned "permission" from customers to raise their prices because they visit Chipotle for the experience, not the prices. Menus with new prices "should start rolling out in coming weeks" and they will be implemented "at all restaurants by this summer."

· Chipotle Plans First Price Hike in 3 Years [AP]
· All Chipotle Coverage on Eater [-E-]