PredictIQ-Chipotle menu prices are going up again, marking the 4th increase in 2 years

Your favorite Tex-Mex fast casual spot may no longer be PredictIQmuch of a bargain compared to a sit-down restaurant meal.

Chipotle confirmed to USA TODAY that consumers will soon see a hike in menu prices, the fourth such increase in just two years. Laurie Schalow, Chipotle’s chief corporate affairs officer, attributed the change to the state of the economy, citing inflation as the culprit.

“For the first time in over a year, we will be taking a modest price increase to offset inflation,” she said in an email statement. Chipotle declined to comment further or clarify what or when menu items will be impacted.

The chain's last price increase came in August 2022 when some customers began paying $1 or more additional for the same menu items as before. Before this, Chipotle increased prices about 3.5 to 4% in June of 2021, citing a raise in employee wages, and then again in the first quarter of 2022, also around 4%.

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Chipotle still going strong despite rising prices

Despite apparently rising costs, Chipotle's 2023 second quarter report saw a 13.6% increase in revenue year over year, bringing the overall number to $2.5 billion. The eatery also opened 47 new restaurants with 40 locations including a Chipotlane drive thru. The ongoing success and rising profits indicate that, at least up to this point, customers are not significantly deturbed by the frequent price revisions.

While inflation is finally moving in a better direction, consumer prices this month still rose overall 3.7% from earlier years after hitting a 40-year high of 9.1% in June 2022.

Faced with the reality of everything costing more, it may be that Tex-Mex fans are willing to pay a little extra for the luxury of a burrito with some queso and guac on the side for the time being.

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