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steak out

Sorry, steak lovers: Chipotle's price hike is going to hurt you the most

Facebook.com/Chipotle

It looks like steak lovers might soon have some beef with Chipotle. The rising costs of ingredients have forced the Mexican fast food company to implement an across-the-menu price increase that will impact steak lovers the hardest. Jack Hartung, Chipotle's chief financial officer, said Tuesday that there will soon be a larger price disparity between its chicken and steak fillings to combat rising beef prices, as the price of beef has increased by 25 percent in the last year.

"We're going to allow our customers to choose whether they want to pay the higher price of steak," said Hartung. That means the cost of steak will rise between 4 and 6 percent, or between 32 and 50 cents per burrito.

Chipotle said the price increases will debut sometime this summer, but the new prices have yet to be determined.