Smucker hikes prices of Folgers, Dunkin' Donuts packaged coffee
J. M. Smucker Co (SJM.N) said on Wednesday that it had raised prices of its packaged coffee products such as Folgers and Dunkin' Donuts by an average of 6 percent in the United States.
The biggest U.S coffee roaster said it had hiked prices in response to a sustained increases in green coffee costs.
Arabica coffee futures KCc1 rose to the highest level in almost six weeks on Tuesday, boosted by index fund buying, after major a Brazilian coffee exporter forecast smaller arabica and robusta crops for 2017-18.
Last June, when there were ample supplies from Brazil, Smucker had cut retail prices on Folgers and Dunkin' Brands Group Inc's (DNKN.O) Dunkin' Donuts coffees by 6 percent.
Smucker said on Wednesday that its K-Cup pods were excluded from the price increase. The company is licensed to make packaged coffee and K-cup pods for Dunkin' Donuts.
Compare the price of coffee at your favorite fast food joints:
(Reporting by Aravind K in Bengaluru; Editing by Savio D'Souza)