Chipotle Mexican Grill (CMG - Get 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. 

Shares of Chipotle closed over 1% on Monday. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)