Coffee prices are up because of rising demand, higher fuel costs. High coffee prices has roasters, retailers struggling to cover costs.
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Packaged coffee will cost Starbucks patrons 12 percent more on average starting Friday. The move comes after Folgers hiked its packaged coffee prices by 10 percent on average.
The Consumer Price Index, a measure of the inflation rate, rose 0.4 percent in December and January. This is the first time the CPI has increased this much for two straight months since 2008.
Starbucks prices will be going higher, CEO Howard Schultz said. The prices of basic coffee and espresso drinks will stay the same. But Starbucks will hike prices on packaged coffee and large, labor-intensive drinks. Does that mean frappuccinos?