Price of No. 1 coffee rising more, sooner
CINCINNATI (AP) _ The nation’s most popular coffee is rising to a price three times higher than originally planned.
Procter & Gamble Co. said it would raise the price of a 13-ounce can of Folgers by 45 cents as of March 3. The company had said last week that a 15-cent hike would take effect later in the month.
Philip Morris Cos. Inc.’s Kraft foods unit said Friday it would raise prices for Maxwell House and Yuban coffee to match the Folgers increase. Those increases take effect March 31.
Coffee prices in the commodity markets are at the highest levels in nearly two years. Supplies are tight because of a nationwide strike in Colombia and too much rain in other Latin American countries. Brazil and Colombia, the world’s leading producers, are expected to have smaller-than-normal crops.
With the price increase, a 13-ounce can of regular ground Folgers will list at $2.71. It hit $3.44 in 1994.
The Maxwell House decaffeinated brands, including Sanka, will go up 40 cents, to $3.41, said company spokeswoman Patricia Riso.