Chipotle Mexican Grill executives revealed Tuesday at the Baird Global Consumer, Technology & Services Conference that the Newport Beach, Calif.-based fast-casual chain raised their menu prices by 3.5-4% last week to offset the costs of its minimum wage increases. Those will increase to an average of $15 an hour by the end of the month, or a range of $11-$18 per hour.
The average Chipotle steak burrito costs $8.85 and will see a 35-cent hike to $9.20.
“It made sense in this scenario to invest in our employees and get these restaurants staffed and make sure that we have the pipeline of people to support our growth,” Chipotle CEO Brian Niccol said at the conference. “And then with that, we’ve taken some pricing to cover some of that investment.”