Chipotle Raises Prices , To Cover Cost of Hike in Wages.
The popular food chain announced it has raised prices by four percent.
Chipotle has committed to a starting employee wage of $15 an hour by the end of June.
Several other major service industry chains have also raised wages, including McDonald's and Starbucks.
Several other major service industry chains have also raised wages, including McDonald's and Starbucks.
It feels like the right thing, at the right time, and it feels like the industry is now going to have to either do something similar or play some kind of catch-up, Jack Hartung, Chipotle CFO, via CNBC.
Also contributing to Chipotle's price hike are the numerous disruptions to food supply chains.
Ingredient costs have risen as suppliers struggle to keep up with the rising demands of loosened COVID-19 restrictions.
Chipotle executives say this price hike is the only one the company will implement for the foreseeable future