Chipotle is raising prices for burritos and bowls

By Michelle Kapusta,

Faced with rising beef cost, Chipotle Mexican Grill said it plans to widen the price gap between steak and chicken burritos.

According to the Associated Press, Chief Financial Officer of the Denver-based chain Jack Hartung, said that the restaurant will start charging more for its burritos, bowls and tacos; particularly those filled with steak to combat the higher beef cost.

"There's a very narrow gap between our steak burrito and our chicken burrito. We're going to widen that," said Hartung during a conference call in New York. "We're going to allow our customers to choose whether they want to pay the higher price of steak."

The rising cost of ingredients has hit the Mexican Grill particularly hard.

Just last month, ThinkProgress.org, reported that the fast-food chain said it may have to suspend serving some popular toppings and fillings rather than pay more for the goods. But now, with beef cost at all-time highs, steak lovers are going to have to dig a little deeper into their wallets if they want a beef-filled burrito.

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