Chipotle to Raise Prices in 2014
Price hike alert! Gourmet fast casual chain Chipotle has announced that it will increase prices next year as it phases out Genetically Modified Organisms (GMO) products from its menu. We're confused - they used GMOs to begin with? It's particularly surprising if you check out their strongly messaged "scarecrow" video ad from a few months back. According to Business Insider: "The price increase will be between 3% and 5%, CEO Steve Ells said on the company's conference call yesterday. Chipotle's chicken burrito currently costs $7.81 in New York. A 5% increase would raise the price to about $8.20." Ells added: "We are not aware of any other restaurant company anywhere near our sight that’s even attempting to do this and so to actually accomplish it will be pretty exciting and we’d like to time that excitement around with the price increase."
While the price adjustment shouldn't hit consumers too badly, an increase in quality is something the chain has been striving for across the board. Check out their recently launched homemade margaritas in our video right here.