Starbucks Raises Prices On Drinks

Starting today (July 7), your morning cup of Joe is going to cost a little extra at Starbucks. The coffee giant announced it’s raising the prices of many of its drinks by 5 to 20 cents, reports CNN Money.

Starbucks spokesperson Lisa Passe said the price hike affects mostly the hot drinks, with the Tall and Venti brewed coffee increasing by 10 cents in most stores.

She added that the average receipt will be “about 1% more expensive” and the price hike won’t affect food, packaged coffee, and some drinks including Frappuccinos and Grande-sized drinks.

The company said in a statement that it evaluates pricing in order to “balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers,” reports the Associate Press.

The coffee retailer last raised prices nationally last year.

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