Chipotle isn't done raising menu prices
The burrito chain hiked prices by 4% to 5% in New York City on May 1, according to the investment bank SunTrust Robinson Humphrey.
Chipotle had already raised prices by about 5% at 440 of its more than 2,200 restaurants nationwide in April, but New York City restaurants weren't impacted by that increase, according to Chipotle spokesman Chris Arnold.
A 5% price hike is equal to a $0.34 increase on a chicken burrito bowl in Washington, DC.
"We had been on record saying that we may raise prices in some of our restaurants, and we have done that," Arnold told Business Insider regarding the April increase. "Even with the increase, Chipotle pricing remains very competitive within the category."
Chipotle is still recovering from a year-long sales downturn triggered by an E. coli outbreak that affected its restaurants in 14 states.
The chain's same-restaurant sales grew an impressive 18% in the first quarter of the year, but that was against the backdrop of dismal figures from the previous year due to the outbreak.
The company's shares are still down more than 24% from two years ago, before the outbreak.
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