Reuters
Folgers Coffee Prices Perking Up
Monday April 12, 12:24 pm ET
NEW YORK (Reuters) - Folgers, considered a trendsetter among roasters, is raising its coffee prices due to higher prices for unroasted beans as well as the recent rise in crude oil. Over the years, Folgers is typically the first of the major roasters to raise prices.
"Food service coffee prices will rise 25 cents per lb. or 6 percent, and office coffee prices will rise 15 cents per lb. or 4 percent, effective May 3," said Tonia Hyatt, a spokeswoman for Folgers, which is a brand of Procter & Gamble Co. (NYSE:PG - News).
Food service includes food stores, restaurants, gas stations and the lodging industry, while office coffee business includes commercial offices and club stores.
Folgers' premium Signia brand will also rise 25 cents per lb. or 7 percent.
"There will be no change in retail prices or our other commercial lines," said the spokeswoman.
The last time Folgers raised coffee prices was in November 2002 after a rally in the futures market from 46 cents to 73.50 cents per lb.
The benchmark CSCE May arabica coffee futures contract (KCK4) was trading at 72.00 cents per lb. at 12:05 p.m. EDT (1605 GMT), off 0.55 cent, showing little reaction to the Folgers announcement. |
