Mexican food chain Chipotle announced on Thursday that it will raise prices on all products for the first time in three years.
The burrito and taco giant's chief financial officer Jack Hartun told the Associated Press this week that heightened sales and soaring popularity prompted Chipotle executives to hike up costs for eats. Hartung said the new prices, which will be between three to five percent higher than current fees, should hit menu boards in the next few weeks. All restaurants will have the new prices set in place by mid-summer.
Hartung told analysts during a conference call that officials aren't worried about losing their customer base, since most restaurant-goers don't visit Chipotle for the low prices.
"Most of the value comes from the experience," Hartung said, adding that Chipotle had gained "permission" from patrons to hike up prices because their experiences were so positive.
"We've still got room," he added.
The Associated Press reported that the plan comes as prices for beef, avocados and cheese simultaneously rise.
A three to five percent increase in prices translates to around an extra 24 to 40 cents for a burrito bowl that costs $8.
Chipotle executives said their popularity has risen in the past few years because patrons enjoy building their own meals and watching while they tell employees what they'd like in their food. The Denver-based Mexican chain has also focused on marketing itself as a healthier fast food option.
The restaurant, which already has at least 1,600 locations in the United States, plans to open between 180 and 195 additional eateries this year.
