The price drops come after years of increases, The Seattle Times reports. Higher milk, fuel and labor costs contributed, as did more recent record-breaking commodity prices for coffee beans.
Starbucks CEO Howard Schultz blamed speculators for driving coffee beyond its worth. The company’s last increase came in 2011, when the price of bagged coffee in groceries rose by 12 percent and in Starbucks cafes by 17 percent.
Global coffee prices have fallen more than 50 percent year-over-year in recent months, and the company plans to attract new customers and promote its loyalty program. Beginning May 10, decreases will vary, but many stores will cut prices by $1 on 12-ounce bags of Starbucks and Seattle’s Best Coffee, to $8.99 and $6.99 respectively.
Starbucks will include a code on bagged coffee sold in groceries that customers can use toward its loyalty program. The code can be entered online for points, which can be redeemed for food or drinks at Starbucks stores.
Notable deaths of 2014 [PHOTOS]