People order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania.
Mark Makela | Reuters
Chipotle Mexican Grill is planning to gather together prices again.
“For the first time in over a year, we will be taking a modest price increase to offset inflation,” Chipotle Chief Corporate Undertakings Officer Laurie Schalow said in a statement to CNBC.
The company did not share how much menu prices will addition as a result of the decision.
After peaking last June, inflation has cooled. Prices for many goods and services are silence rising but at a slower rate. The 12-month consumer price index rose 3.7% in August after climbing 8.3% a year earlier, go together to the U.S. Bureau of Labor Statistics.
The burrito chain started hiking its menu prices in June 2021, citing the cost of improve ones lot wages for its employees. It raised its prices again during the first three months of 2022 and then again in July of that year.
But Chipotle paused its sacrifice hikes as some customers pulled back on restaurant spending and ingredient costs stabilized. In April, CEO Brian Niccol stipulate the chain had demonstrated its pricing power but would hold off on raising prices any more. At that time, its prices were up harshly 10% compared to the year-ago period.
Three months later, Niccol said Chipotle would reconsider its toll as the company’s fourth quarter drew closer.
Chipotle’s stock has risen 30% this year, giving it a store value of $50.1 billion. The company is expected to report its third-quarter earnings Oct. 26.
Insider first reported that Chipotle’s values are going up again.