As with everything else during the recession, it looks like Chipotle's prices are going up, and fans of the Mexican restaurant are tight-lipped about how they feel about the changes.
According to a new report, it will cost fans of the food chain less than ever to get their hands on their favorite burrito or bowl, and social media users are calling this move “corporate greed.”
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In a new video shared by Today show via Instagram on Friday, December 6, anchor Hoda Kotb brought a not-so-sweet price update as part of a segment that aired on popular streaming.
“Some bad news this morning for Chipotle customers,” he opened in the clip. “The burrito chain announced on Wednesday that it has raised prices by about 2%. The company says it is due to inflation.”
Kotb—who revealed in September that he would step down from his role on the TV show in early 2025—went on to offer more insight into the reason behind the store's decision.
“Key ingredients such as milk, beef and avocados have become more expensive this year, which has had a negative impact on restaurant owners across the country,” explained the long-time journalist.
Chief Corporate Affairs Officer, Laurie Schalowconfirmed the new development, noting that the implementation of a 2% price increase nationally is the first time the California company has increased its prices in more than a year, according to Los Angeles news station KTLA5.
In the comments section of the social media post, fans of the Mexican-inspired dish expressed their dismay, with many speculating about the real reason for the price hike.
“They need to stop using inflation as an excuse when we all know it's corporate greed,” one said, while another said this to executives asking for higher salaries: “The CEO needs a raise.”
“We spent $40 on them the other day and we were shocked. We're never going again,” cried a third.
Meanwhile, another person pointed out, “The net profit for the year 2023 was 2.5 billion dollars but they want to raise the prices?”
Besides the imminent cost increase, the company has promised to increase portion sizes for its customers. In addition to the ingredients being more expensive to supply, it also revealed that raising prices will ensure it can provide “consistent and generous portions” to its patrons after receiving complaints on social media that the portions are getting smaller and smaller, KTLA5 added.
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