Starbucks Corp. will raise prices on some drinks by 5 cents to 20 cents beginning Tuesday, a move that the company said may increase the average amount customers spend by about 1 percent.
The increases will vary by product and market, the Seattle-based company said Monday in an e-mailed statement. Tall and venti brewed coffees will cost 10 cents more in most markets. In the majority of U.S. locations, a 20-ounce venti coffee will cost $2.45 after the increase.
Starbucks won’t increase prices on Frappuccinos, grande brewed coffees or food, an increasingly important category for the cafe chain. The company said prices on many of the affected beverages hadn’t been raised for about two years.
Starbucks continually evaluates pricing “to balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers,” Lisa Passe, a spokeswoman, said in the statement.
The costlier drinks come despite falling prices for commodity coffee. Arabica coffee futures have fallen 27 percent in the past year to about $1.252 a pound.
Starbucks gained 0.1 percent to $54.31 at the close in New York. The shares have risen 32 percent this year.