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Chipotle hikes prices at some locations

Chipotle hikes prices at some locations
Posted at 2:25 PM, May 10, 2017

Prices just went up at Chipotle New York City restaurants, the company said Wednesday.

A 5% increase means that an entrée will cost 25 or 30 cents more at the burrito chain's 58 New York locations, spokesperson Chris Arnold told CNNMoney.

More than 440 other Chipotle restaurants across the United States saw similar price increases in April.

The company operates a total of roughly 2,300 stores in the US -- which means prices at most of the Chipotle's locations have held steady.

Arnold said the company has no plans to roll out a nationwide price hike.

After a brutal year couple of years, Chipotle's stock has finally turned around. Its stock is up 28.8% so far this year.

In 2014 and 2015, its shares plunged 27.3% and 21.4% respectively, after a series of food safety scares hurt sales.

It all started with a 2015 E. coli outbreak that was linked to the restaurant. The federal Food and Drug Administration has since given Chipotle the all-clear, but some customers remain wary.

Still, the company posted stronger-than-expected sales in its latest earnings report, issued in April.

Chipotle's raising prices come as the cost of avocados continues to climb, and the company is facing a labor lawsuit from workers that claim they're owed back pay.