Your next burrito at Chipotle may be slightly more costly.
The quick-service restaurant chain verified to reporters this week that it will raise prices in 2024 to account for the rising cost of goods.
A representative stated, "For the first time in over a year, we will be taking a modest price increase to offset inflation." The representative did not specify which menu items would experience price increases.
As first reported by Business Insider, this will be the fourth time in the last four years that the company has raised prices on its products, including in early 2022.
It increased prices by four percent, and in July 2022, consumers began paying more than a dollar more for entrees.
In September, CNBC reported the most recent data from the U.S. Bureau of Labor Statistics, which indicated that the consumer price index had increased by 3.7% compared to twelve months prior.
However, it appears that the cost increase is not due to the company's financial difficulties.
According to Jack Hartung, the company's chief financial officer, the falling price of avocados was primarily responsible for this growth.
"Around half of our transactions include guacamole, so when avocados are more expensive, that impacts us," he commented.
According to Hartung, the company has reached its final option. On October 26, Chipotle is expected to report its third-quarter earnings.