HomeIndustriesChipotle Will “Probably” Increase Prices in California Due to Minimum Wage Bill

Chipotle Will “Probably” Increase Prices in California Due to Minimum Wage Bill

You might have noticed that your favorite Chipotle items have been more expensive than ever in 2022 as the fast-food chain served their customers with two significant price hikes this year. And it might not be the end of it, at least for Chipotle enthusiasts in California.

Speaking at Yahoo Finance’s All Markets Summit earlier this week, Chipotle CEO Brian Niccol said that the company will “probably” increase its prices at locations in California due to the state’s upcoming bill that is set to increase minimum wages for fast food workers.

“We pay well beyond $15 an hour in California,” said Niccol. “So there is legislation that has the potential to take the hourly wage up to $21, $22 an hour that will put organizations in a place where prices probably have to rise.”

Niccol added that the bill might also prompt the company to rethink its decision to expand the business in the Golden Stat. Chipotle currently has 449 locations in California, which is around 15% of all its stores in the United States.

California governor Gavin Newsom recently proposed a bill that aims to improve the status of fast food workers in the state. One of the key points of the bill is raising the minimum wage from $15 per hour to $22 per hour. The bill is expected to find its way on California 2024 ballot propositions if it receives the required number of signatures by December.

First Republic Bank Is No Longer Looking For a Buyer

San Francisco’s First Republic Bank is off the market. According to a report by Fox Business, the bank decided to hit a pause on...

Lululemon Stock Soars Thanks to Strong Q4 Results 

Athletic apparel retailer Lululemon Athletica reported another strong quarterly performance that sent its stock 12.72 percent up on Wednesday. The company managed to beat...

Intel Stock Surges After Server Chips Early Arrival Announcement

Chip maker Intel announced on Wednesday that it plans to ship its new line of server chips earlier than expected. As a result, the...