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Starbucks increases prices on some products an average of 1%

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starbucks logo Photo Credit: Getty Images

Don't spend your last dime on a cup of coffee - because you'll need another one to buy your favorite brew at Starbucks.

The world's biggest coffee chain raised the prices on some of its drinks by 1% across large swaths of the country Tuesday, including the Northeast. In New York City, 12-ounce "tall" brewed coffees and lattes now cost 10 cents more. The price for a 16-ounce "grande" brewed coffee - Starbucks' most popular beverage - remains the same.

Prices on about a half-dozen other beverages will also increase, Starbucks spokesman Jim Olson said.

Major cities in the South and Southwest, including Atlanta, Dallas and Albuquerque, also felt the crunch of higher prices.

Starbucks said the hikes were meant to offset the spiraling costs of coffee, milk and fuel, which are expected to cut into profits this year.

The chain has not made an across-the-board price increase since 2007.

(with Reuters)

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