{"id":5749,"date":"2023-10-27T00:05:27","date_gmt":"2023-10-27T00:05:27","guid":{"rendered":"https:\/\/infundpros.com\/business\/chipotle-says-it-may-need-to-tick-its-food-prices-up-to-pay-california-wages\/"},"modified":"2023-10-27T00:05:28","modified_gmt":"2023-10-27T00:05:28","slug":"chipotle-says-it-may-need-to-tick-its-food-prices-up-to-pay-california-wages","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5749","title":{"rendered":"Chipotle says it may need to tick its food prices up to pay California wages"},"content":{"rendered":"
\n

\n Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum wages for fast food (and fast casual) workers in the state.\n <\/p>\n

\n \u201cWe haven\u2019t made a decision on exactly what\u00a0level of pricing we\u2019re going to take,\u201d said John Hartung, Chipotle\u2019s chief financial officer, during an analyst call discussing the company\u2019s third quarter results Thursday, adding that \u201cwe\u2019ve been studying\u201d the situation.\n <\/p>\n

\n \u201cBut\u00a0to take\u00a0care of the\u00a0dollar cost of that and\/or the margin part of that \u2026 it\u2019s going to be a mid- to high\u00a0single-digit price increase,\u201d he said. \u201cWe are definitely\u00a0going\u00a0to pass this on.\u201d\n <\/p>\n

\n A company spokesperson later told CNN that Chipotle hadn\u2019t yet decided whether it will raise prices in California.\n <\/p>\n

\n California Gov. Gavin Newsom in September signed\u00a0legislation\u00a0that raises the minimum wage to $20 an hour for fast food workers, and creates a council that can approve further increases in the future. The state\u2019s current minimum wage is $15.50 an hour and\u00a0will increase to\u00a0$16 an hour\u00a0on January 1. Chipotle said on the call that it currently pays employees $17 an hour in California, where it has about 15% of its roughly 3,300 restaurants.\n <\/p>\n

\n The new hourly wage for fast food workers will take effect on April 1 of next year. Employees who work at fast food restaurants with at least 60 locations\u00a0<\/strong>nationwide are eligible.\n <\/p>\n

\n Even as some consumers pull back on spending, Chipotle has been able to raise its prices without much consequence.\n <\/p>\n

\n Chipotle\u2019s total revenues grew 11.3% to $2.5 billion in the quarter ending September 30, the company said Thursday. In that time, sales at restaurants open at least 13 months jumped 5%. And the company said that the increase was driven by transactions, meaning that growth was largely coming from people buying meals more often, not just because they were spending more due to high prices. Chipotle\u2019s stock was up about 2% after the market closed.\n <\/p>\n

\n So if the chain does raise prices as a result of the new legislation in California, it might not make much of a difference to customers already willing to pay Chipotle\u2019s prices. If the company raises the price of a burrito by, say, 7% on a $9.95 burrito, the increase would come to less than a dollar.\n <\/p>\n

\n But workers have said that the higher minimum wage will make a meaningful difference in their lives.\n <\/p>\n

\n Anneisha Williams, who works for Jack in the Box in California and spoke to the public during the signing of the law, previously told CNN that the higher pay means more money toward bills, feeding her children and dog, and hopefully emerging from poverty. At the time, Williams said she makes $17 an hour.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that…<\/p>\n","protected":false},"author":1,"featured_media":5750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-5749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nChipotle says it may need to tick its food prices up to pay California wages | inFundPros<\/title>\n<meta name=\"description\" content=\"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=5749\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chipotle says it may need to tick its food prices up to pay California wages | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=5749\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-27T00:05:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-27T00:05:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/231026173553-chipotle-california-file-2022.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=5749#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=5749\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Chipotle says it may need to tick its food prices up to pay California wages\",\"datePublished\":\"2023-10-27T00:05:27+00:00\",\"dateModified\":\"2023-10-27T00:05:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=5749\"},\"wordCount\":475,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=5749#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=5749\",\"url\":\"https:\/\/infundpros.com\/?p=5749\",\"name\":\"Chipotle says it may need to tick its food prices up to pay California wages | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-10-27T00:05:27+00:00\",\"dateModified\":\"2023-10-27T00:05:28+00:00\",\"description\":\"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=5749#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=5749\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=5749#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Chipotle says it may need to tick its food prices up to pay California wages\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Chipotle says it may need to tick its food prices up to pay California wages | inFundPros","description":"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=5749","og_locale":"en_US","og_type":"article","og_title":"Chipotle says it may need to tick its food prices up to pay California wages | inFundPros","og_description":"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum","og_url":"https:\/\/infundpros.com\/?p=5749","og_site_name":"inFundPros","article_published_time":"2023-10-27T00:05:27+00:00","article_modified_time":"2023-10-27T00:05:28+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/231026173553-chipotle-california-file-2022.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=5749#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=5749"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Chipotle says it may need to tick its food prices up to pay California wages","datePublished":"2023-10-27T00:05:27+00:00","dateModified":"2023-10-27T00:05:28+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=5749"},"wordCount":475,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=5749#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=5749","url":"https:\/\/infundpros.com\/?p=5749","name":"Chipotle says it may need to tick its food prices up to pay California wages | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-10-27T00:05:27+00:00","dateModified":"2023-10-27T00:05:28+00:00","description":"Chipotle, which just announced price hikes, said it will likely charge even more at its California restaurants, blaming a new law that raises minimum","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=5749#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=5749"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=5749#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Chipotle says it may need to tick its food prices up to pay California wages"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/5749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5749"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/5749\/revisions"}],"predecessor-version":[{"id":5751,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/5749\/revisions\/5751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/5750"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}