P&G ups Folgers coffee retail prices

03/11/05 - newratings.com

NEW YORK, March 11 (newratings.com) – The leading coffee brand in the US Folgers, which is owned by Procter & Gamble (PG), has raised its retail ground coffee price by 12% due to a continued rise in green coffee bean costs.

P&G said in a statement on Friday that the list price for its Folgers ground coffee was being raised by $0.28 to $2.56 per 11.5-ounce and 13-ounce equivalent cans. The company has also raised the list price of its 12-ounce equivalent Folgers whole bean coffee by $0.28, while the price of the 8-ounce equivalent of Folgers instant coffee has been raised by $0.10. Folgers has also announced a hike of $0.30 per 14-count to 18-count bag of Home Café, with all price hikes becoming effective on Friday. The statement said that the pricing hikes were driven by a sharp increase in the coffee bean prices in the futures market since December last year, when the company last raised its coffee prices. Folgers had raised the retail ground coffee prices by 14% for most of its retail coffee line on December 9, 2004.