J M Smucker Co (NYSE:SJM) is increasing the list price of certain coffees that it sells.
J M Smucker Co notes that it is increasing the list prices on three brands of coffee due to sustained increases in green coffee costs. The average price of the packaged coffees made by the company is increasing by 6%.
The first of the coffee brands that is seeing a price increase is Dunkin Brands Group Inc’s (NASDAQ:DNKN) coffee. This only applies to the packaged version of the coffee sold in stores, and not what is served at the coffee chain’s locations.
The Folgers brand of coffee, which is owned by J M Smucker Co, will also see the price of its packaged coffee products increase. The final brand that SJM is including in its coffee price increase is Café Bustelo.
J M Smucker Co says that the price increase will affect most of its packaged coffee products in the United States. This includes those sold in locations such as “grocery stores, mass merchandisers, club stores, and drug stores.” However, the company’s K-Cup pods are not a part of the coffee price increase.
J M Smucker Co’s decision to increase coffee prices by an average of 6% isn’t going to break the bank. Last May the company decreased the cost of its packaged coffee products by an average of 6%. This was due to there being an abundance of supply from Brazil.
SJM stock was up 1% as of Wednesday morning.