If you’ve noticed that your Chipotle meal costs a bit more lately, you are not mistaken.

The popular fast casual Mexican restaurant chain has announced a 2% increase in its menu prices as a reaction to rising inflation.

Laurie Schalow, the Chief Corporate Affairs Officer of Chipotle, mentioned in a statement to YSL News on Thursday, “This is the first price adjustment we’ve made in over a year, raising prices about 2% nationwide to counteract inflation.”

During their earnings call in October, Chipotle revealed that the costs for food, drinks, and packaging represented 30.6% of their total revenue in the third quarter of 2024, up from 29.7% in the same period of 2023.

The company noted that this price hike stems from inflation affecting “multiple ingredient costs,” especially for avocados and dairy, along with an increase in ingredient usage as they strive to provide “consistent and generous portions,” and the popularity of the limited-time smoked brisket protein option.

This price adjustment follows Chipotle falling short of market predictions for same-store sales growth, as highlighted in an earnings report from October, according to Reuters. Noteworthy is also the fact that the company is navigating changes after former CEO Brian Niccol transitioned to Starbucks.

According to the U.S. Department of Agriculture, wholesale poultry prices decreased by 4.5% in October this year compared to the same month last year, with an anticipated overall decrease of 0.6% this year.

Conversely, beef prices were up by 1.9% in October 2024 compared to October 2023, and they are expected to rise quicker than most other meat categories due to “limited supplies and ongoing demand.”