According to the NRN.com story, officials with the Denver-based Chipotle said after reporting strong third-quarter financial results that the higher price of ingredients such as avocados, tomatoes, corn, dairy and chicken has cut into profit margins, and the chain’s commitment to shift to ingredients that have not been genetically modified has also raised costs.
As a result, Chipotle officials said menu prices will likely rise between 3 percent and 5 percent around mid-year in 2014, with the price hikes varying by location — although all markets are expected to see some price increase.
In the third quarter, Chipotle’s same-store sales jumped 6.2 percent, courtesy of higher customer traffic that accelerated at the end of July and continued into October.
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