Chipotle’s last wave of price hikes has now been implemented. Last April, the fast-casual chain announced that they would be raising prices by 5% at 400 locations across the country. A second wave occurred in November. This final hike will affect the 45% of stores that did not see a price increase in 2017.
This boost was the first price increase from Chipotle since 2014.
In an effort to turn the company around, CEO Steve Ells said in November that he would be stepping down from his post as head of the company as soon as Chipotle found someone to replace him. He will remain with the company as executive chairman. A new CEO has yet to be selected.
The price increases have added about 25 to 35 cents to the price of a typical entree according to Spokesman Chris Arnold. The price hike will go towards higher food and labor costs.
"Even with the new prices, our pricing remains very competitive across the category, particularly if you factor in our ingredient quality," Arnold says.
Read more about Chipotle’s recent changes on “Business Insider.”