Procter & Gamble Cuts Price of Folgers Coffee

Cincinnati-based Procter & Gamble Co. said it’s reducing the price of its Folgers brand coffee as a result of lower prices on the futures market. The list price of Folgers’ 13-ounce cans of ground regular and decaffeinated coffee will fall 30 cents, or about 9%, to $3.06 and $3.76, respectively. The price of instant coffee will remain the same. The new prices will take effect Sept. 8. Folgers’ prices for the 13-ounce cans rose $1.10 in the 12 months ended May 19, as futures prices on the Coffee, Sugar & Cocoa Exchange soared. Smaller-than-expected world coffee harvests and the fear of frost damage to Brazil’s crop, the world’s largest, sent prices to a 20-year high in May. Since then, futures prices have fallen 39% as the threat of frost passes with Brazil nearing the end of its cold season, and as its harvest replenishes low stockpiles. P&G; shares rose $2.38 to close at $151.88 on the NYSE.