J.M. Smucker Co. Announces Hiked Coffee Prices
ORRVILLE, Ohio (AP) — The J.M. Smucker Co. said Tuesday that it raised prices for most of its packaged coffee, including products sold under the Dunkin' Donuts and Folgers brands.
The company said it increased prices an average of 9 percent. The price hike came in response to "sustained increases in green coffee costs," according to a statement. The company's K-Cup@ packs were also excluded from the price increase.
The J. M. Smucker Co. licenses the Dunkin' Donuts name for its packaged coffee sold in grocery stores. The price increase doesn't affect coffee sold in the Dunkin' Donuts stores.
Prices for coffee beans have soared this year, driving coffee contracts on the New York Futures Exchange up 54 percent. One culprit is a fungus that has swept through growing regions in Central America, damaging crops in Guatemala, El Salvador, Honduras and other countries. A drought has also hit Brazil, the world's largest coffee producer.
J.M. Smucker's stock fell 27 cents to $102.20 in morning trading. Its shares had been up a fraction of a point so far this year through Monday's close.