Popular food chain Chipotle Mexican Grill announced recently to the Wall Street Journal that due to higher food costs, they will most likely raise the prices on their menu this year.
Chipotle is currently under a lot of pressure to stay competitive against other food chains like Taco Bell, Del Taco and a few others, in which they will be testing an organic tofu called “sofrita” in the San Francisco area next month, according to the Chicago Tribune.
There are currently more than 1,400 Chipotle locations in the country, and in November of 2012, the company started to serve beer in at least 15 of their locations in Chicago.
On Wednesday, Chipotle had the biggest fall in their stocks after reports of their 4th quarter sale profits.
Currently it is estimated that an average meal at Chipotle will cost you around $9. With these types of changes continuing to happen and are changes that are not for the best. A Chipotle burrito meal costing you $11 would not be out of the question.
Chipotle was founded by Steve Ells in 1993, and in 1998 the McDonald’s Corporation became their biggest investor.
By 2011 Chipotle had a staff of more than 30,000 employees in the U.S.