Business & Tech
Chipotle Could Raise Prices in 2014: Report
Food prices could go up to reflect increased costs for ingredients including avocados and salsa.
Chipotle fans rejoiced in June when a Plainfield franchise opened at 127th Street and Route 59.
But the Mexican restaurant chain's success could mean higher prices. On Thursday, the company announced that better-than-expected sales meant higher quarterly profits — indicating that it might be time to raise prices, according to the Huffington Post. According to the report, Chipotle Mexican Grill restaurants could raise prices in mid-2014 to offset higher food costs.
Prior to the news, which boosted shares for stakeholders by 7.7 percent, Chipotle had been reluctant to raise prices despite increasing costs for ingredients like avocados and salsa.
Sales for established Chipotle restaurants — those open 13 months or longer — were up 6.2 percent in the last quarter, more than the anticipated 4.7 percent, according to the report.
It's unclear how much prices could go up as a result of the news.
Would you pay more for Chipotle? Or will you stop eating there if prices go up?
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