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Chipotle Mexican Grill (CMG) - Get Chipotle Mexican Grill, Inc. Report is raising its prices about 5% in select locations, company spokesman Chris Arnold told  CNBC

This is the first price increase at Chipotle in three years and will impact 440 of its 2,200 locations, or about 20%.

"Even with the new prices, our pricing remains very competitive within the category, particularly if you factor in the quality of ingredients we use," Arnold said. 

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Shares of Chipotle closed over 1% on Monday. 

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