To offset the higher price of ingredients, Chipotle Mexican Grill (NYSE:CMG) has raised their menu prices for the first time in a year, the company confirmed on Wednesday. The announcement drove shares higher,

Chipotle said it's raising its menu prices by 2%, a rare direct admission about the impact that ongoing price increases in the economy are having on its finances.

The chain aims to balance higher costs for avocados, queso and sour cream while maintaining its appeal to inflation-weary consumers.

ET to reflect 2% price hike in headline, not 20%. To offset the higher price of ingredients, Chipotle Mexican Grill (NYSE:CMG) has raised their menu prices for the first time in a year, the company confirmed on Wednesday.

Chipotle (NYSE:CMG) shares rose more than 2% in premarket trading Wednesday after a Truist Securities analyst said that recent checks indicate price hikes of at least 2% at some stores. According to analyst Jake Bartlett,