J.M. Smucker said it would reduce prices of its U.S. packaged coffee brands, including the Folgers and Dunkin' Donuts, in response to sustained declines in coffee bean prices.
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"For the last several quarters, lower green coffee costs were reflected in promotional pricing for the majority of our packaged coffee products, and we do not anticipate those prices changing significantly," Steve Oakland, the head of Smucker's U.S. food and beverage business said.
The price decreases, at an average 6 percent, exclude the company's K-Cup pods.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Don Sebastian)