Chipotle Mexican Grill just announced that its Q1 sales beat expectations. But food inflation is pressuring profit margins. "Food costs were 34.5% of revenue, an increase of 150 basis points driven by higher commodity costs," said management. "Higher commodity costs were primarily driven by inflationary pressures in beef, avocados, and cheese prices." Earnings per share climbed 7.8% to $2.64, which was below expectations of $2.87.