According to Laurie Schalow, Chipotle’s chief corporate affairs officer, “we are taking a modest price increase to offset inflation for the first time in over a year.” Additional information was not provided.

Over the past few years, Chipotle has increased its prices to cover higher costs. Chipotle announced in June 2021 that it would be raising prices by approximately 3.5% to 4%. According to the company, prices were up 13% from the previous year in October. On October 26, the fast casual chain is scheduled to report its third-quarter financial results.

During the past few years, food companies have raised prices and closely monitored how consumers react. The increased prices at Chipotle haven’t scared away customers – paving the way for more expensive burritos in the future.

Chipotle CEO Brian Niccol stated during an analyst call in July that the brand’s foot traffic trends have been healthy. The company’s total revenue grew 13.6% to $2.5 billion in the quarter that ended June 30. There was a 7.4% increase in sales at restaurants that have been open at least 13 months.

During the call, Niccol said, “We’ve proven time and time again that our brand and value proposition are strong, and we have pricing power.” Pricing, he said, is “the last lever we will pull.”

Higher prices offset volume declines, even for companies that saw customers pull back due to higher prices.