Chipotle Increases Menu Prices By 2% To Offset Rising Food Costs

Chipotle has raised its menu prices by 2%, citing inflationary pressures on ingredient costs. The first price hike over a year aims to offset rising expenses, particularly for avocados, dairy, and proteins. The company reported that food, beverage, and packaging costs in the third quarter accounted for over 30% of total revenue, up nearly 1% from a year earlier. Despite a missed earnings target for same-store sales growth, the company remains focused on ensuring generous portions, including a popular smoked brisket offering. Beef prices have risen, while poultry costs have decreased.