Rarely do we see a spot of good news in the grocery aisle — products shrink, prices go up, everyone makes a frowny face — but today is different. We’re not sure if there are caffeine gods, or if they’re responsible for Starbucks’ decision to cut the price of their bagged coffee by about a buck, but it’s happening in any case.

Starbucks will be lowering prices for its Starbucks and Seattle’s Best brand packaged bags of coffee sold in grocery and retail stores starting May 10. Starbucks brand will sink 10% from $9.99 for 12 ounces to $8.99, while Seattle’s Best will drop to $6.99 from $7.99, reports Bloomberg. Of course, this is just the “suggested” price, and some retailers might not play along.

“This will allow us to both enhance the value that we’re providing our existing packaged coffee customers, and hopefully increase the frequency which they purchase Starbucks and Seattle’s Best coffee, as well as attract new customers,” a spokesman said.

The company will also allow loyalty reward program members to earn points for buying bagged coffee.

Starbucks has been working hard to grab grocery store shoppers’ dollars by expanding the array of products it has available in those stores. Times must be relatively tough on the company, as it previously raised the price of its packaged coffees back in March 2011. Other companies like Dunkin’ Donuts have been lowering their prices, so the pressure is on Starbucks to do the same.

Starbucks to Cut Grocery Coffee Prices 10% Next Month [Bloomberg]
Starbucks lowering suggested price of bagged coffee to $8.99, from $9.99 [Associated Press]

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