Chipotle has never been known for “cheap†prices, and it doesn’t look like they ever will.
According to the Wall Street Journal, the Mexican food chain announced yesterday (January 17) that it intends to raise its prices–from its already pricey nine-dollar-burritos–later this year.
Chipotle currently has 1,400 locations nationwide, and according to the Huffington Post, “Chipotle stock saw its biggest decline since October after disappointing fourth-quarter profits.†Thus, the burrito and taco maker is under extreme pressure to be able to compete with other fast-food Mexican restaurants such as Taco Bell, who offer lower-priced meals.
As a result of declining profits and high-priced food, the Mexican chain will be testing “meat alternatives on its menu,†reports Huffington Post. The company has also started serving craft beer in certain locations to make up for lost food costs.