More bad news for coffee drinkers. First it was Starbucks and grocery store brands. Now, even single-serve packets are getting more expensive.
Keurig Green Mountain ( said Thursday it plans to hike prices by 9% for the K-Cup packets used in its signature brewing system, as well as other single serve packets, bulk coffee and other products beginning in November. )
It's the latest in a string of price hikes this year as coffee producers pass along higher costs. Coffee prices have soared 58% over the past 12 months, after a drought in Brazil dried up this year's harvest of Arabica beans, the most popular bean in coffee production.
Starbucks ( said in June that )prices would go up between 5 and 20 cents on average, depending on the order and where the purchase is made. J.M. Smucker also hiked prices by 9% for Folgers and Dunkin' Donuts ( coffee that it makes for sale in grocery stores. )
Keurig Green Mountain said the decision to increase prices is in "direct response" to the higher cost of coffee, which includes a nearly 55% rise in "green coffee prices."
The company said it buys much of its coffee from organic and free trade producers.