Some coffee prices at Starbucks are going up.
The suggested retail price of Starbucks roast and ground packaged coffee will rise from $8.99 to $9.99 on July 21, the company announced Friday.
And at company-operated stores some beverages will go up between 5 and 20 cents next Tuesday, said company spokesman Zack Hutson.
The price of grande and venti brewed coffee drinks will go up between 10 and 15 cents, while tall and venti lattes will go up between 10 and 20 cents, he said. In most stores there will be no change in the company’s most popular drinks, which include the grande latte and the Frappuccino.
The Seattle coffee giant is the latest coffee company to increase prices this year after forecasters predicted a drought in Brazil, which produces half of the world’s supply of Arabica coffee beans.
Earlier this month J.M. Smucker Co. raised the price of its popular packaged coffee brands, including Folger’s and Dunkin’ Donuts, an average of 9%.
Hutson said Starbucks buys its coffee beans far in advance and has 40% of its coffee under contract through the next fiscal year.
“We look at cost structure, we try to price on a long-term basis,” he said. “We don’t discuss the factors in specific details for competitive reasons."
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