The coffee chain’s medium and large offerings — known as Grande and Venti — will go up 10 and 15 cents respectively in most U.S. markets. Additionally, packaged coffees sold in Starbucks and select retailers will go up $1.
Starbucks prices are going up due to a variety of reasons including rising costs of ingredients, materials, labor and occupancy costs, according to spokesman Jim Olson. Small coffees — known as tall coffees — and certain specialty drinks such as Frappuccinos will not go up in price in most markets.
CEO Howard Schultz said that Starbucks had no intentions of raising coffee prices back in March.
SBUX stock is down close to 1% Friday afternoon.
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