Starbucks is hiking prices on some of its drinks by 5 to 20 cents starting next week
NEW YORK (AP) - Starbucks is hiking prices on some of its drinks by 5 to 20 cents starting next week, and customers can also soon expect to pay $1 more for the packaged coffee it sells in supermarkets.
A year ago the Seattle-based chain also raised prices on some of the drinks sold in its cafes. The latest hikes don't seem to be driven purely by the surging bean costs that have pressured other coffee sellers to raise prices, however. Starbucks has said it already locked in its coffee contracts for the rest of this fiscal year and much of the next.
In an email, Starbucks notes that many factors go into pricing decisions, including "competitive dynamics" and the company's "cost structure."