Do you need that morning cup of java to boost your morning spirits? Well it’s going to cost you! Starbucks Corp. plans to raise U.S. prices on coffee, lattes and other drinks by an average of nine cents a cup next week, in an effort to help offset soaring costs for milk and other commodities.
U.S. milk prices have risen amid strong global demand for dairy products and higher production costs, in turn affecting the costs of Starbucks’ coffees. The increase in price will vary by drink and market, but will average out to about nine cents a cup.
As of recently, Starbucks’ shares have fallen more than 20 percent this year because of concerns regarding the higher costs of commodities, the slowing sales growth and increased competition from fast-food rivals. The change goes into effect July 31 at Starbucks’ 6,300 company-owned stores in the U.S. Read More
Despite the mumbling and the grumbling, are you going to fork over the extra nine cents to get your Starbucks fix in the morning? E-mail us at email@example.com!
Here's what FOX Fans are saying:
“Well, if nobody has spoken out against the 5 percent yearly inflation rate caused by the overprinting of the U.S dollar, then I don't think the American people will care too much about paying an extra 9 cents for their precious cup of Starbucks every morning. After all, the price hike is likely a result of the diminishing purchasing power of our dollar. That's why the price of everything always goes up!”— Cassandra (Winter Park, FL)
“The way I see it is Starbucks has now priced themselves out of my budget. After two price increases in less than a year, and several since I became a customer, I can no longer justify spending that much for a cup of coffee every day. I hope collecting a few cents more per customer every day was worth losing thousands of customers’ daily patronage. There is no excuse except corporate greed. I will look for other places to get my coffee or brew it myself.”— Pete
“Sooner or later Starbucks is going to price themselves right out of the market. A few cents here and there eventually adds up to big bucks.” — Laurel (California)
“Since I see so many drivers risking theirs and other's lives each day, driving 70 mph in heavy traffic while sucking on a container of hot coffee, I seriously doubt that a 9 cent increase in the price of their caffeine fix will cause any change in buying or consumption habits!!” — Phil (Greenbush, NY)
“I personally think that Starbucks is overrated and the coffee is lousy! They can raise it a whole dollar and I won't care!” — Barbara (Lancaster, Pa)
“Personally I don't like Starbucks’ coffee, but I do feel for the people that are addicted to it. I don't think the extra cost is going to keep them from drinking Starbucks coffee, but they might have to give up the overpriced cookie.” — Bob (Ellensburg, WA)
"No, 9 cents is insignificant when it comes to good coffee. The Starbucks I go to has first class service. Even if they price went up 90 cents, I'd still be there. You get what you pay for." — Alex (Belmont, CA)
“Doesn't bother me in the slightest. I support the local, small coffee shops, not the big chain shops. Starbucks' strength is their marketing, not their coffee.” — Fred (Bay Area)
“The only way I can tolerate Starbucks brand coffee is via a latte. I would much rather have the coffee from my own coffee pot. Locally owned stores are the way to go for a caffeine fix. The one Starbucks that I do pass on the way to work is not worth the effort to fight for a parking spot at current prices let alone nine cent hike (before tax).” — Reva (Georgia)
“Nine cents doesn't seem like a lot when compared to a delicious wake me up.” — Valerie
“To be honest, we couldn't afford Starbucks before .... guess it's a sure thing we won't be going now.”— April (Illinois)
“I'm thinking about Dunkin' Donuts or McDonald's. Thanks to Greg Jarrett for showing who gives better coffee at a better price.” — Nicki
“Oh Yeah! I would pay the extra money; it's a damn good cup of coffee. It tastes great!!” — Coleman
“I think it is way overpriced as it is now. I will not be going there at all!” — Jamie
“I used to stop at Starbucks every morning for a hot and sweet fix. Their ever frequently increase in price does nothing but advertise their arrogance. I've now found myself going to Einstein or even the gas station to save up to $2 on a warm drink that is just as good! Boo on Starbucks!” — Christine
“I think their coffee tastes like burnt toast. I drink straight coffee and prefer McDonalds over Starbucks any day. Didn't buy it before, won't buy it now.” — Jim (San Antonio, TX)