Coffee prices to increase for Folgers, Dunkin' Donuts, Millstone
The J.M. Smucker Company has announced that it is increasing the price for its coffee products sold in the United States by an average of 9 percent. The price increase is effective immediately and affects Folgers, Dunkin' Donuts and Millstone brands.
The company, based in Orrville, Ohio, said the price hike is a result of continued increases in the cost for unroasted beans. It said it would discuss the issue further at the end of the month when it reports its first-quarter results.
Coffee futures prices on world markets have remained high since spiking in mid-June.
In May, J.M. Smucker raised its coffee prices by about 4 percent because of higher costs for green coffee, fuel and packaging.
Since June 1, coffee futures have surged nearly 25 percent as harsh weather led to two seasons of disappointing harvests in key production areas such as Central America and Colombia.
About 80 percent of Smucker's production efforts are concentrated in New Orleans. In light of the Deepwater Horizon oil spill in the Gulf of Mexico, the company noted in its latest annual filing that it may incur higher transportation costs as green-coffee-bean shipments come through the Port of New Orleans.
- Combined news services
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