To offset the higher price of ingredients, Chipotle Mexican Grill (NYSE:CMG) has raised their menu prices for the first time in a year, the company confirmed on Wednesday. The announcement drove shares higher,

The company’s chief financial officer said he believes customers would continue to flock to Chipotle despite the “modest” price hikes because the chain would still be a better value option

Chipotle’s burritos and bowls just got more expensive as the chain tries to balance higher costs for avocados, queso and sour cream while maintaining its appeal to inflation-weary consumers looking for deals and discounts.

ET to reflect 2% price hike in headline, not 20%. To offset the higher price of ingredients, Chipotle Mexican Grill (NYSE:CMG) has raised their menu prices for the first time in a year, the company confirmed on Wednesday.

Chipotle (NYSE:CMG) shares rose more than 2% in premarket trading Wednesday after a Truist Securities analyst said that recent checks indicate price hikes of at least 2% at some stores. According to analyst Jake Bartlett,