UPDATE: Kraft Lowers Prices On Maxwell House, Other Coffee Brands
May 18 2012 - 5:50PM
Dow Jones News
Kraft Foods Inc. (KFT) lowered the prices of several U.S. coffee
products as the cost of coffee beans continues to slide.
Bridget MacConnell, a Kraft spokeswoman, attributed the move to
"sustained decreases in the cost of green coffee." Green coffee is
coffee that has yet to be roasted.
Prices of arabica, which is the most consumed variety of coffee
in the world, are down more than 20% this year, as the market
anticipates a potential record-sized crop from top-producer
Brazil.
Kraft cut prices on Maxwell House and Yuban roast and ground
coffee brands by about 6%, MacConnell said in an email. Gevalia
roast and ground coffee sold in retail outlets were reduced by
about 10%, she added. The price cuts are effective immediately.
There was also an approximate 4% price reduction for
non-flavored instant coffees, other than instant coffees sold under
the Maxwell House International trademark, she said.
MacConnell said the last time Kraft reduced prices was in
August, after they were raised in March when prices of arabica were
climbing towards a 14-year high of $3.06 a pound, which was seen in
May 2011.
-By Alexandra Wexler, Dow Jones Newswires; 212-416-4883;
alexandra.wexler@dowjones.com
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