ORRVILLE, OH -- The J.M. Smucker Co. announced that it increased the list price an average of 10% for the majority of its coffee products sold in the United States. The move will impact its Folgers and Dunkin' Donuts brand coffees.
The company attributed the price hike, which comes on top of increases announced in August and May, to sustained increases in green coffee costs.
Last month, Starbucks Corp. projected disappointing earnings for its current quarter, also citing climbing coffee prices. The coffee chain said it is continuing to adjust prices on a market-by-market basis to compensate for green coffee costs, which have spiked to their highest levels in more than 13 years.