Starbucks patrons, get ready to pay more for a cup of your favorite, invigorating daily dose of coffee. It's time to look for all those loose change hiding in secret places since Starbucks is changing the pricing of its coffee, Esquire has learned.
Starting July 7, Tuesday, the Seattle-based company will collect an additional 10 cents for its beverages.
The AP reported that basing on average charges, that ushers the U.S. price to $2.45 of a venti (or a 20-ounce cup).
The Seattle-based coffee titan, despite being long renowned for its towering prices yet capturing a large part of the caffeine loving market, said the increase was imperative to pay for employees' salaries, store rental fees, food cost and other necessities such as the black pens that baristas use to scrawl your name on the cups, as told by News for Shoppers.
The decision to increase its price violates trends in the prevailing coffee market. J.M. Smucker Co. announced not long ago that charges for its Dunkin' Donuts and Folgers coffee brands would decline due to "sustained declines in the green coffee futures market."
Lisa Passe, a representative for Starbucks, said the price adjustments are anticipated to affect less than 20 percent of consumers.
Hot beverages were the most affected in the price hikes, meaning the number of customers affected by the soaring prices would obviously rise as patrons start purchasing hot drinks as cool weather approaches.
Ottawa Citizen stated in an emailStarbucks' spokeswoman Carly Suppa wrote, "Ninety percent of Canadian Starbucks beverages are not changing, including some of our most popular options and sizes."
She added that a venti, which is the largest size at Canadian establishments, will increase by 10 cents in some areas. Lattes in a venti or grande (16-ounce) cup will increase by 20 cents more, again depending on the region where it is sold.
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