Your Starbucks latte is going to cost you a little bit more next week. The coffee chain on Tuesday is set to raise prices on some of the drinks it sells in its U.S. stores by an average of 1%.
The price hike will affect beverages including Starbucks'(SBUX) brewed coffee, tea, latte and espresso drinks, said spokesman Jim Olson. While drink prices vary from city to city, Olson said that customers in some markets could pay about 10 cents more for a tall brewed coffee.
Still, less than one-third of all Starbucks beverages will be affected by the new prices, he added.
For instance, prices will not increase at a vast majority of Starbucks stores for its venti and grande-sized brewed coffees, or for its Frappuccino drinks.
This is the first price hike in nearly two years for the coffee chain, according to Olson, who said the rising cost of labor, raw materials and rent triggered the move.
Still, there is one way that customers can always shave a few cents off their coffee tab: Starbucks offers a 10 cent discount on any drink when customers bring in a personal tumbler or use a reuseable Starbucks cup.