Starbucks raises prices on caffeinated concoctions
NEW YORK (CNN) — Your venti skinny mocha half-caf, extra-hot, no whip latte is going to cost you a bit more starting Tuesday.
Starbucks is raising the price of some caffeinated concoctions from 5 to 20 cents more per drink.
Not all drinks will be affected.
For example, a tall or venti latte will go up about 20 cents. But a tall brewed coffee and frappucinos will cost the same.
Starbucks insists the hike will affect less than 20 percent of its customers’ orders, and boost most total receipts by less than 1 percent.
Starbucks is just the latest coffeemaker to raise prices. Folgers, Dunkin Donuts and Maxwell House did so earlier this month as the price of coffee rises worldwide, hitting a two-year high in April.
Increased global demand coupled with a drought in Brazil, which produces about a third of the world’s coffee, shot up prices about 59 percent this year.
Though Starbucks said the price hike is because of its overall cost structure instead of skyrocketing coffee prices. Starbucks buys its beans in advance, and has enough for at least the rest of the year.