Chipotle keeps raising prices. Customers don't seem to care.

Customers don't seem to mind that Chipotle keeps raising prices.

The fast-casual chain reported earnings that beat expectations. Customer acceptance of higher prices is part of the success. Jack Hartung told investors on the call that in the first quarter of 2022. The price hikes are on top of earlier ones. The fast-casual chain said that it raised prices by 4% in June of 2021.

Sales have not been hurt by prices jumps. Hartung told investors that there has been little resistance to the pricing so far. The coming quarter could see a year over year price increase of as much as 12%. Even so, sales were up 16.2% over the same period last year, with almost half of those coming from digital orders.

A 41-year high inflation rate has led to a trend of price increases in the entire economy. Hartung said that inflation pushed up prices for many items, hurting the chain's margins. According to the Consumer Price Index, beef prices were up 16% over last year, and dairy prices were up 7% in March.

Brian Niccol told investors that if costs keep going up, the chain will consider price increases.

Hartung doesn't expect a reduction in food prices until at least early 2023, but prices seem to be stabilizing for the moment.

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