Steak lovers are in for a nasty surprise the next time they order their go-to Chipotle burrito and find themselves paying a little more than they're used to.
Earlier this month, Chipotle announced that it planned to increase prices as ingredient costs continue to climb. Yesterday, the chain revealed that the price of the steak burrito would be boosted the most in the price hike, according to the Associated Press.
Right now, there is little price-differential between choosing chicken or steak for a Chipotle burrito or burrito bowl. However, with beef costs rising due to reduction in U.S. cattle inventory, the chain now plans to widen the gap.
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The price hike also promises to be greater than originally reported – 4 to 6 percent, as opposed to previous reports of 3 to 5 percent. That means paying 32 to 48 cents more for an $8 burrito, instead of an increase of 24 to 40 cents.
Chipotle isn't the only chain finding beef to be less profitable than usual. Fast-food chains have been turning to chicken for more cost-effective menu offerings, with Burger King and Domino's debuting new chicken items. Some are even ready to build new chains around the chicken business -- Yum Brands has been exploring a chicken sandwich concept in Dallas called Super Chix and Umami Burger founder Adam Fleischman is opening his first ChocoChicken location in Los Angeles next month.
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