Chipotle to raise prices even more than expected

Steak lovers: Prepare to shell out some cash.

Remember when we told you Chipotle was going to raise menu prices this summer? Well, we hate to be the bearers of bad news yet again… but it looks like your beloved burritos are about to get even more expensive than we thought.

Although executives said they were going to raise prices by 3 to 5 percent, or 24 to 40 cents per item, they now say a 4 to 6 percent increase is more likely. And steak lovers are the ones it’s going to hurt most.

“There’s a very narrow gap between our steak burrito and our chicken burrito. We’re going to widen that,” Chipotle CFO Jack Hartung said this week at the Barclays Retail and Consumer Discretionary Conference in New York City.

It was the all-time high cost of steak that mostly fueled the plan in the first place, so this doesn’t come as a huge surprise. High avocado and cheese prices have been cited as well. No word on how the recent Porcine Epidemic Diarrhea virus wiping out 10 percent of the U.S. pig population will affect the cost of carnitas.

At least we’ll always have sofritas.

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