Bad news coffee drinkers.
Your morning brew is probably going to be a little more expensive, especially if you’re partial to Dunkin' Donuts or Folgers.
Nigel Travis, CEO of Dunkin’ Brands, told Yahoo Finance on Monday that "coffee prices will go up a little bit in our stores, but not by much. We see other people increasing [the price] because of upward pressure."
Earlier this year, coffee rust, a fungus that critically damages coffee plants, ravaged crops in many parts of Central America.
More recently, global coffee prices are skyrocketing due to concerns over drought in Brazil that may affect coffee bean supplies. J.M. Smucker— which has a licensing agreement with Dunkin' Brands—announced that it would raise the price of its Folger and Dunkin' Donuts supermarket coffee. The price increase of about 9 percent would be first in three years, according to Yahoo Finance.
In March, Starbucks announced that they would not be raising their in store coffee prices, despite rising supply demand.