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Chipotle Mexican Grill is raising its menu prices by as much as 4% in order to offset the cost of increased employee wages instituted last month, the fast-casual restaurant chain said.
In May, the company announced that it was offering increased wages across the board, resulting in a $15 average hourly wage by the end of June as part of its ongoing hiring push.
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|CMG||CHIPOTLE MEXICAN GRILL INC.||1,335.98||+0.37||+0.03%|
"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 Baird Global Consumer, Technology & Services Conference. "And then with that, we've taken some pricing to cover some of that investment."
The starting pay for new and existing hourly and salaried restaurant employees would range from $11-$18 per hour. The average employee wage was previously $13.