Even though the cost of coffee beans — which we’ve been told are required for the production of coffee — is on the rise, Starbucks says it won’t be jacking up the price of the java it serves up to millions of caffeine fiends every day.
Explaining that “Starbucks has diversified its coffee procurement into multiple coffee-growing regions,” a rep for the chain tells Reuters the company remains “confident in our ability to manage this dynamic effectively.”
If that’s the case, Starbucks would be Starbucking the trend among its coffee competition. Earlier this month, J.M. Smucker raised prices an average of 9% on its Folgers, Dunkin’ Donuts, Millstone and Folgers Gourmet Selections coffees. Kraft followed suit with a hike on the price of Maxwell House and Yuban brand coffee.
Starbucks says no price hikes planned [Reuters]