Coffee prices continue to climb
New York, NY, United States (AHN) – Coffee lovers face rising prices because prices for coffee beans continue to rise on commodity markets.
Retail prices for bagged coffee on grocery store shelves have already gone up and more price increases are expected.
Poor growing conditions in South America and other coffee-producing areas has caused concern over shortages of supplies, resulting in investor speculation in commodity markets that has driven up coffee futures prices by 95 percent during the past 12 months.
Companies that roast green coffee beans and sell bagged coffee have raised prices by varying amounts in response to the increased prices they must pay for green coffee beans.
Earlier this week J.M. Smucker increased prices by 11 percent. It marks the fourth time it has raised prices in a year. Smucker sells Dunkin Donuts, Folgers and Millstone brands. Kraft, which owns Maxwell House, has raised its prices three times recently.
Then on Wednesday, Starbucks announced plans to raise prices in mid-July by 17 percent for bagged coffee.
Green Mountain Coffee Roasters also announced plans to raise coffee prices by 10 percent.
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