![Chipotle keeping a close eye on customer behavior after raising menu prices, wages [Video]](https://StartupBusinessReady.com/wp-content/uploads/2024/05/mp_462637_0_CHIPOTLEMENULOGOGETTYjpg.jpg)
Despite signs that Americans are still craving their favorite burrito bowls and willing to pay extra for guacamole, Chipotle is carefully watching consumer behavior amid higher labor and menu costs.
“The [California] minimum wage, higher minimum wage just took effect earlier this month,” CFO Jack Hartung said Tuesday on “The Big Money Show.“
“We did take a modest price increase of 6% to 7%. We’ve been watching the traffic since we took the price increase. We’re not seeing anything yet, we’re not seeing any change in behavior yet,” he continued. “It’s very early, so we’ll keep a close eye on it.”
Prices at Chipotle, McDonald’s and other fast-food giants in California are reportedly rising after a minimum wage hike went into effect one month ago.
CHIPOTLE WANTS TO HIRE 19K NEW EMPLOYEES AS IT GEARS UP FOR ‘BURRITO SEASON’
“Chipotle said in an investor call Wednesday that prices at its nearly 500 California restaurants climbed 6% …
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