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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 (GMCR) 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.
Related: Should Coke buy Keurig Green Mountain?
Starbucks (SBUX) 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 (DNKN) coffee that it makes for sale in grocery stores.
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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.