Price of green coffee beans rising, Starbucks prices are going to rise, the company said on Thursday. Prices for drinks like coffee, tea, and espresso will remain the same or drop. Starbucks said prices on large or labor-intensive drinks, and packaged coffee sold in stores will rise because global prices for green coffee beans has continually increased. Larger beverages and drinks that are more labor-intensive for the baristas to make will have their prices increased.
Green arabica coffee bean prices have increased to a near-13-year high. “While many, if not most, coffee roasters and retailers began raising prices months ago, we have thus far chosen to absorb the price increases ourselves and not pass them on to our customers,” Starbucks CEO Howard Schultz said in a statement.
“But the extreme nature of the cost increases has made it untenable for us to continue to do so and we have been forced to take the steps we announced today.”
Starbucks also said that the majority of the chain’s most popular beverages will either retain their prices or even have their prices lowered, including espressos and the "tall" $1.50 coffee.
A slew of other coffee sellers are raising their prices as the commodity cost of coffee has increased. Dunkin Donuts and Green Mountain Coffee are also raising prices of some drinks, the Associated Press reported.
The Seattle-based company said that it will continue to evaluate the price of green coffee beans and may have to raise prices on ground coffee packages sold in stores.
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Thursday, October 14, 2010
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