NEW YORK, June 7 (Reuters) - Kraft Foods Group Inc said on Saturday it raised U.S. retail prices for its well-known Maxwell House and Yuban roast and ground coffee brands by an average of 10 percent due to rising green bean costs, effective June 6.
The move follows J.M. Smucker Co’s price increase of around 9 percent to Folgers and Dunkin’ Donut roast and ground retail brands earlier in the week.
These are the first official list price increases for both roasters since May 2011.
ICE arabica coffee futures soared nearly 90 percent between January and April to the highest level in more than two years at $2.19 per lb, following a drought in top grower Brazil. Arabica futures prices have since dropped around 20 percent.
A Kraft spokeswoman said in an email that the company’s instant coffees, single-serve pods, Maxwell House filter packs, Maxwell House International, Gevalia and Tassimo brands were excluded from the price increase. (Reporting by Marcy Nicholson; Editing by Eric Walsh)