SEATTLE, July 7 (UPI) -- Coffee giant Starbucks is raising its prices on Tuesday between 5 and 20 cents for some of its popular coffee drinks as prices for raw coffee continue to decline.
The company said the price hike is intended to cover rising costs that include wages and rents despite a decline of about 42 percent in Arabica futures from the peak late last year. The increase, which takes effect Tuesday, will increase the cost of the average order by about one percent, Starbucks said.