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- Chipotle customers in California should brace themselves for higher menu prices this year.
- Chipotle's CFO said it needed "significant" price increases to offset a new wage law.
- The law will put fast-food workers' wages up to $20 an hour from April.
Chipotle's Californian customers should expect a "significant" price increase to make up for the state's new wage law for fast-food workers, executives at the burrito chain warned on Tuesday.
"We know we have to take something as a significant increase when you talk about a 20%-ish increase in wages," Jack Hartung, Chipotle's chief financial and administrative officer, told investors during its fourth-quarter earnings call.