Starbucks hikes coffee prices, but why?

By RetailFOXBusiness

Get ready to pay more for your jolt of joe at Starbucks

Fox Business Outlook: Starbucks raises prices between 10 and 20 cents on all sizes of brewed coffee in a majority of its thousands of stores nationwide.

Starbucks is increasing the price of certain beverages, something the company says is part of normal, operating costs and has "nothing to do" with last week’s store closures and trainings, according to a Starbucks spokesperson.

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This week, Starbucks increased the price of a brewed coffee by $0.10 - $0.20 cents in the majority of company-operated stores in the U.S. In an emailed statement, a Starbucks spokesperson told FOX Business that in the majority of their stores, the price of a tall (12 ounce) brewed coffee is $1.95 to $2.15.

Commenting on why the coffee giant increased prices, the spokesperson said, “Starbucks continually evaluates pricing on a product-by-product and market-by-market basis…. In the past year, Starbucks increased prices 1 – 2 % which is on par with the industry practices and is in line with food away from home inflation which is 2.2% – 2.4%.”

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The price increase comes after Starbucks, in the afternoon on May 29, closed all of its locations for "racial-bias education" training.

According to MarketWatch, the store closures should have cost Starbucks about $12 million due to lost sales.