Chipotle has raised its menu prices by 2%, citing inflationary pressures on ingredient costs. The first price hike over a year aims to offset rising expenses, particularly for avocados, dairy, and proteins. The company reported that food, beverage, and packaging costs in the third quarter accounted for over 30% of total revenue, up nearly 1% from a year earlier. Despite a missed earnings target for same-store sales growth, the company remains focused on ensuring generous portions, including a popular smoked brisket offering. Beef prices have risen, while poultry costs have decreased.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Chipotle has raised its menu prices by 2%, setting inflationary pressures on ingredient costs.
00:08The first price hike in over a year aims to offset rising expenses,
00:11particularly for avocados, dairy and proteins.
00:14The company reported that food, beverage and packaging costs in the third quarter
00:18accounted for over 30% of total revenue, up nearly 1% from a year earlier.
00:23Despite a missed earnings target for same-store sales growth,
00:25the company remains focused on ensuring generous portions,
00:28including a popular smoked brisket offering.
00:31Beef prices have risen, while poultry costs have declined.
00:34For all things money, visit Benzinga.com.