Starbucks announces price hike on beverages
A company spokeswoman said the increase would affect fewer than 20 percent of customers. The announcement comes as other brands are slashing coffee prices.
The company sent an email to media contacts that detailed the hike of 5 to 20 cents on various brewed coffee offerings. Starbucks also said that it evaluates and shifts its pricing to “balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers.”
The price changes are expected to impact fewer than 20 percent of Starbucks’ customers, and the average purchase would increase 1 percent, according to Lisa Passe, Starbucks’ senior vice president of global communications and international public affairs.
The hike has raised criticism because it comes just as United States roaster J.M. Smucker Company said it plans to reduce prices on coffee products from its Folgers and Dunkin’ Donuts brands. Plus, coffee prices have stabilized as Brazil emerged from last year’s drought that raised them.
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