Procter & Gamble Raising Coffee Price

The grocery store price of the nation’s most popular coffee is rising sooner and higher than originally planned. Cincinnati-based Procter & Gamble Co. said it would raise the price of a 13-ounce can of Folgers coffee by 45 cents (from $2.26 to $2.71) as of March 3. The company earlier had announced a 15-cent hike to take effect later in the month. “The list price of Folgers coffee generally reflects the price of green coffee sold on the commodity market,” P&G; spokeswoman Lisa Jester said. Coffee prices in the commodity markets have been rising in recent weeks, reaching the highest levels in nearly two years, on persistently tight supplies when Latin American stocks are normally abundant. The tightness is not expected to be relieved by upcoming harvests in Brazil and Colombia, the world’s leading producers. Both are expected to have smaller-than-normal crops.