Traffic at the burrito eatery continues to be steady, according to an analyst report.
by Rob Wile
NBC News
Chipotle said it’s raising its menu prices by 2%, a rare direct admission about the impact that ongoing price increases in the economy are having on its finances.
“For the first time in over a year, we have taken a modest price increase of approximately 2% nationally to offset inflation,” Laurie Schalow, Chipotle’s chief corporate affairs officer, said in a statement obtained by NBC News.
The comment came, in part, as a response to an analyst report by Truist Securities financial group that observed the 2% increase at 20% of Chipotle locations surveyed.
Chipotle is in a period of transition after the exit of CEO Brian Niccol, who was poached by Starbucks in August. Shares of Chipotle dropped on the news of Niccol’s departure but have since climbed 23%, and are up about 42% year to date.