Chipotle price increase will hit steak lovers the hardest
NEW YORK (AP) - Chipotle's coming price hikes could hit steak lovers particularly hard.
The Mexican food chain said earlier this month that it plans to start charging more for its burritos, bowls and tacos in coming weeks as it faces rising costs for ingredients.
On Tuesday, Chief Financial Officer Jack Hartung noted that the chain doesn't currently charge a whole lot more for its steak filling, even though beef costs have climbed considerably. He says Chipotle will widen the price gap between steak and chicken.
Hartung also says the price hike would be more like 4 percent to 6 percent, or 32 cents to 48 cents assuming the cost of a burrito is $8. In the past, executives had said they were considering a smaller hike.