Popular Tex-Mex restaurant, Chipotle confirmed to Insider Tuesday that they will raise prices due to the “state of the economy”.
This will be the fourth time inside of two years that the chain will be implementing price increases. CBS reported on the news mentioning that there was no confirmation on how much of a price increase, and on which items would be experiencing the effect.
Last year, CEO Brian Niccol announced that a price increase would go into effect shortly after the news hit. The increase came about in answer to California’s wage increase, and inflation. According to Niccol:
“We pay well beyond $15 an hour in California. So there is legislation that has the potential to take the hourly wage up to $21, $22 an hour that will put organizations in a place where prices probably have to rise.”
Chipotle was just named in a study put together by investment bank, Piper Sandler as one of the top three fast food chains preferred by teenagers in 2023.
4,000 teenagers were interviewed, and the data found Chick-fil-A, Starbucks, and Chipotle (in that order) are that age group’s favorite restaurant chains, and where they’re currently spending their money.
Chipotle has been facing cries on social media regarding hefty prices, and users deriding the chain for missing the value in recent times. If Chipotle raises the prices across the board… there’s no telling how consumers will react.
