Chipotle raised its menu prices to offset higher minimum wages Chipotle Mexican Grill is raising menu prices by up to 4% to cover the cost of higher minimum wages, as first promised in May
Chipotle Mexican Grill executives revealed Tuesday at the Baird Global Consumer, Technology & Services Conference that the Newport Beach, Calif.-based fast-casual chain raised their menu prices by 3.5-4% last week to offset the costs of its minimum wage increases. Those will increase to an average of $15 an hour by the end of the month, or a range of $11-$18 per hour.
The average Chipotle steak burrito costs $8.85 and will see a 35-cent hike to $9.20.
Chipotle is raising the average wages for its employees to $15 an hour, but the customers will be the ones paying the difference.According to recent reports, the chain is raising its prices by 4% across the whole menu in order to make up for the higher employee salaries. This translates to about 30 to 40 cents more for an average Chipotle meal.RELATED: Chipotle Is Involved in New Legal Drama in New YorkThe move was confirmed by Chipotle executives at the Baird Global Consumer, Technology&Service
Employees at Chipotle Mexican Grill are making more money, and the consumer is covering the cost through increased menu prices. According to a report by CNBC, menu prices at Chipotle have risen by around 4% to cover the cost of increased hourly pay for the chain’s employees. Chipotle is one