Keurig Green Mountain Inc said on Thursday it will hike coffee prices by up to 9 percent in November, becoming the latest major drinks maker trying to cover soaring coffee costs. The move was also due to increasing costs for packaging materials, energy, and transportation, it said. Green coffee prices have surged about 55 percent over the past year, it said."After careful review, we determined that it is necessary for us to adopt a small price increase in light of these higher costs," said John Whoriskey, president of U.S. sales and marketing, in a statement.The price hike on all portion packs for use in its brewing systems and on all its traditional bagged, fractional packs, and bulk coffee products is effective from Nov. 3, it said.Keurig is following rivals, including Kraft Foods Group Inc and J.M. Smucker Co, which raised prices in June for some of their best-known brands, including Maxwell House and Folgers.
Kraft Foods Group, Inc. (Kraft Foods Group) operates food and beverage businesses in North America. Shares of KRFT traded higher by 1.0% or $0.56/share to $56.66. In the past year, the shares have traded as low as $50.54 and as high as $61.10. On average, 2603020 shares of KRFT exchange hands on a given day and today's volume is recorded at 2710408.
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