Chipotle, a national food chain, has raised menu prices by approximately 2%, marking the first price increase in over a year. The move aims to offset rising inflation and maintain profitability amidst a slowing consumer market.
As reported by Reuters earlier this month, Chipotle’s executives noted low-single digit inflation on cost of sales and labor. However, demand for their services has slowed as consumers opt to eat at home instead.
The price increase comes as food away from home prices have surged over 28% since spring 2020, according to data from the Bureau of Labor Statistics. Chipotle’s fourth quarter financial results are expected to be released in early February.
Source: https://www.al.com/news/2024/12/popular-national-restaurant-chain-says-its-raising-prices-2.html