Chipotle Mexican Grill Inc. has raised its prices by 5 percent at some of its locations.

CNBC reported that the Denver restaurant chain (NYSE: CMG) raised its prices on April 11 at 440 of its 2,220 locations; its first price hike in three years.

Chipotle spokesman Chris Arnold told CNBC: "Even with the new prices, our pricing remains very competitive within the category, particularly if you factor in the quality of ingredients we use."

Read more at the Denver Business Journal: