Keurig Green Mountain Announces Coffee Price Increase

Keurig Green Mountain GMCR released a statement Thursday morning stating that the company will raise the price of its K-Cup portion packs by up to nine percent beginning in early November. “This price increase is in direct response to several factors affecting the cost environment in the coffee and consumer packaged goods industries, generally, including a sustained increase in the price of green coffee and cocoa, along with increases in packaging materials, energy, and transportation costs,” the company said in a statement. “Over the past year, green coffee prices, alone, have increased approximately fifty-five percent.” Keurig Green Mountain isn't the only coffee seller to raise its coffee prices. J.M. Smucker SJM announced in the beginning of June it will increase the prices on its packaged coffee products by an average of nine percent. However, J.M. Smucker said that it will maintain current prices on its K-Cup packs. Shares of Keurig Green Mountain were seen trading marginally higher by 0.77 percent at $114.93 during Thursday's pre-market trading session.