2 weeks Ago
Chipotle Mexican Grill’s food prices are increasing by approximately 2% to offset inflation costs, according to Chipotle’s chief corporate affairs officer Laurie Schalow. “For the first time in over a year, we have taken a modest price increase of approximately 2% nationally to offset inflation,” said Shalow said in an emailed statement to TODAY.com.
The comment came in part as a response to a report by Truist Securities financial group, according to . In the analyst report, the group found a 2% increase in menu prices across 20% of Chipotle restaurants surveyed. In the fast-casual chain’s , the company explained that the costs of several ingredients, primarily avocados and dairy, caused an increase in total revenue costs to 30.
6% from 29.7% in 2023. “Our teams work hard to deliver extraordinary value to our guests as they provide our fresh, delicious and customizable culinary experience, at accessible prices to millions of people every day,” Chipotle CEO Scott Boatwright said in the report.
The company explained in the report that it is “focused on ensuring consistent and generous portions,” which the increase in menu prices partially offset in 2023, according to the brand. The report from October revealed a revenue of $2.8 billion for the quarter — a 13% increase from 2023.
LSEG analysts on Wall Street projected a $2.82 billion expected revenue, . Despite the revenue numbers, the company’s adjusted earnings per share rose to 27 cents over an expected 25 cents for the quarter, according to a survey by LSEG analysts.
This is the fifth menu price increase since June 2021, when the chain announced an approximate to . The . The latest price change comes under Chipotle’s Chief Executive Officer Scott Boatwright, who was put in the role on Nov.
11, taking over as interim after former CEO on Aug. 13. In May 2024, Boatwright said in a call to investors that all restaurants would in response to social media complaints about serving size inconsistency in restaurants.
The complaints caused the company to reexamine portion sizes across its 3,500 locations in the U.S. Truist said that Chipotle is raising prices from “a point of strength,” meaning steady traffic, according to .
According to the , grocery store prices increased 0.1% from September to October of this year — 1.1% higher than in October 2023.
The price of dining out increased 0.2% in October 2024 — 3.8% higher than October 2023.
According to the , the price of dining out has increased by more than 28% since spring 2020, when the COVID-19 pandemic broke out in the U.S. In 2025, Chipotle 315 to 345 new company-operated restaurants, with 80% featuring a “Chipotlane,” the brand’s digital order drive-thru pickup lane.
Dan Aulbach is an editorial intern for TODAY.com based in New York City. He specializes in sports journalism.
.
