Price of Starbucks’ Java Jumping Again

Starbucks Corp. said it raised the price of coffee drinks in most North American stores by 5 to 10 cents a cup, effective immediately--even as coffee futures prices in New York fell to a 6 1/2-year low of 79.5 cents a pound amid a global glut of beans. Starbucks blamed its price increases on rising expenses for labor and real estate as it adds new restaurants in expensive markets. The increase is similar to one in May 1999, when Seattle-based Starbucks raised the per-cup price of its coffees and blended beverages by about 10 cents in the U.S. The price increase doesn’t apply to ground coffee or coffee beans sold by weight. Starbucks shares rose 13 cents to close at $43 on Nasdaq.