Starbucks lowers price of bagged coffee

Starbucks is lowering the list price of its bagged coffee to stay competitive as commodity costs ease across the industry.

The Seattle-based chain says 12-ounce bags of its whole and ground coffee will be $8.99, down from $9.99.

The list price is a suggestion and retailers are free to charge their own prices, so customers may not see a change. Retailers will pay a lower price.

Lisa Passe, a spokeswoman, noted that competitors have been lowering their prices.

Starting next month, the company is also letting people earn points on its loyalty program from buying its bagged coffee.