Chipotle's Prices Will Continue to Rise

After a fourth quarter that outperformed market estimates, Chipotle said Tuesday on its results call that pricing will likely climb as materials and labor costs rise.

The Mexican firm raised its food prices by 4% in December to counter commodity inflation on meat, avocados, and transportation. Customers

are paying 10% more than a year ago, and the corporation has boosted menu prices 6% in 2022.

Since inflation isn't going away, Chipotle's CEO, Brian Niccol, expects prices to rise this year. Customers show "very little resistance," Niccol added

Chipotle started raising prices last spring by 4% to pay increasing staff wages. The average Chipotle lunch cost 30–40 cents higher. Niccol

stated last week that higher pay has led to "better employee recruitment and retention," helping Chipotle "make progress on labor challenges."

Chipotle will open 235–250 restaurants in 2022. The new locations will include Chipotlanes, digital-only drive-thrus, at over 80%. Niccol said

Chipotle expects to have 7,000 North American outlets. Due to the financial success of 

smaller town restaurants, Niccol says the company's objective of 6,000 restaurants has been exceeded.

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