"For the first time in over a year, we will be taking a modest price increase to offset inflation," Laurie Schalow, Chipotle's chief corporate affairs officer, said in a statement sent to CNN. The company declined to share more details.
in recent years, food companies have been hiking prices, and closely monitoring how consumers react. So far at Chipotle, the increased prices haven't scared people off - clearing the way for more expensive burritos. "We've proven time and time again that the brand is very strong and the value proposition is very strong, and we have that pricing power to use," Niccol said during the call. Pricing, he said, is "a lever that we will pull as kind of the last thing." The company said its labor and some food costs have increased.