I don’t know if Chipotle thought it was going to be saved by its mediocre new queso dip, but shares have still fallen, while its food prices keep rising.
The Mexican-ish restaurant announced that in November, prices would rise about 5 percent in about 900 of its stores across the nation, according to Reuters.
This isn’t the first time Chipotle announced a major price hike this year, as back in April about 20 percent of its stores saw a 5 percent increase for the first time in three years.
The store had reportedly planned on opening between 195 to 210 stores in 2018, but that estimate has decreased to about 130 to 150, falling way below what they originally projected. CEO Steve Ells said they’re slowing things down, but only momentarily, as Chipotle is still trying to get back to the basics that made them so popular.
Chipotle has really hit a string of bad luck from their E. Coli outbreaks to lawsuits, now they have to deal with dipping shares and price raises. We’ll just have to sit back to see how it all works out.