(WTVO) — Chipotle lovers should be prepared to see higher prices after the company announced it would increase wages to $15 and hour.
As the COVID-19 pandemic wanes, restaurant chains across the country are seeing demand increase, but the workforce has been slower to return.
Chipotle announced in May that it would raise its hourly starting wage to $15 by the end of June. It also announced it would offer a $200 employee referral bonus.
CEO Brian Niccol said the company would have to pass the cost on to consumers.
“Ingredient costs, there’s talk about it. We’ll see where that leads,” Hartung said, according to CNBC.
The company’s CFO John Hartung said on Tuesday that he expected menu prices to raise between 3.5% and 4% to cover the cost of higher wages.