Kraft To Cut Coffee Prices On Heels Of Folgers Maker
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NORTHFIELD, Ill. (CBS) — Another giant coffee maker is reducing retail prices.
As WBBM Newsradio’s Kris Kridel reports, a Reuters report says Northfield-based Kraft Foods Inc. is reducing prices on its Maxwell House and Yuban brands by 6 percent.
LISTEN: WBBM Newsradio’s Kris Kridel reports
Shoppers will see a cut of about 20 cents per pound.
Kraft was pressured by rival J.M. Smucker’s price cut last week. Smucker, the maker of Folgers and other coffee brands, said last week it would cut the cost of most of its coffees by 6 percent as wholesale prices recently inched down.
Coffee futures soared for much of this year, but the prices have dropped recently. Even with this cut, coffee prices are higher than a year ago.
Smucker’s price cut also affects packaged Dunkin’ Donuts coffee sold in retail stores, even as the chain, which just went public, increased the price of coffee in its Dunkin’ Donuts shops.
Rising costs have also forced Starbucks, Green Mountain and Nestle to raise their prices, Reuters reported last week.
Kraft raised prices four times this year, most recently in May.