Coffee lovers will pay more for some of their favorite brands. The Smucker Company announced Tuesday it had raised list prices on most of its U.S. packaged coffee, primarily the well-known Folgers and Dunkin' Donuts brands. It is the first price hike for those brands since 2011.
Smucker increased prices by an average of 9 percent due to rallying bean prices, the company said. Price increases by large U.S. roasters have been largely expected after arabica coffee futures prices jumped nearly 90 percent within three months to a 26-month high in April on concerns that Brazil's worst drought in decades would damage crops in the world's biggest producer.
The higher coffee prices will affect packaged brands including Folgers and Dunkin' Donuts coffees. K-Cup coffee packs are not affected by the price hike.