Many people start the day—and, lets be honest, get through the day—with their favorite Starbucks drink. Whether it is a latte or an iced mocha or any of the myriad other treats they offer makes no difference. The chain has become synonymous with coffee in America, generally because it is a quick trip and a few bucks in and out.
Some people have to budget for their monthly allowance of Starbucks, too. This is wise, especially right now, during a particularly delicate time in America, where household incomes are shrinking. And in a down economy, everyone has to make changes.
And sometimes these changes are made by companies who are feeling the pinch of higher production costs and lower sales (thanks to tighter budgets)….
I think you can see where this is going…
Just this week, Starbucks announced they will be raising prices—on select drinks—starting on July 12. The announcement came, oddly enough, when some customers were overcharged for their drinks, drinks they probably get daily and noticed a price increase. Apparently, the adjustments were entered into the system and activated prematurely within the US company-operated store POS systems.
The maximum increase—at least, so far—has been 30 cents.
Of course, the error has been corrected; but that only means you can enjoy these drinks at their old price for just a few more days. Obviously, the new price(s) will go into effect next week.
While Starbucks has informed of the date of the price increase, the Seattle-based company has not provided information on which drinks the price increase will effect. From the shape of this mishap, though, we can probably expect to see a jump of at least a quarter. This is somewhat aligned with a similar price hike last year, which saw prices upped between 5 and 20 cents.
It is tough to say why Starbucks has made such a jump, though, as coffee futures for the month of September are already expected to reach $1,4720, which is up 11 percent on the year. As a matter of fact, coffee bean prices have never been lower. Perhaps, then, it is in preparation of more profits; however, the pending minimum wage increases across the country might also have something to do with it.