Chipotle Hikes Prices Again Due to Minimum Wage Increases in California

Chipotle raised menu prices in October to cover $15 minimum wage, will raise prices again due to California's $20 minimum wage starting in 2024.

California wage hike will add 2.5-3% to overall labor costs; customers will see mid- to high-single digit price increase.

This is Chipotle's 4th price increase in 2 years, previously citing inflation, rising food costs, and $15 minimum wage.

Chipotle sales up 11% year-over-year to $2.5 billion in Q3 2022, digital sales make up 37%.

Chipotle not worried about impact of weight loss drugs like Ozempic on sales, says food already complements weight loss goals.