Kraft Foods Inc. said Monday it has increased the price of its Maxwell House roast and ground coffee by 12 percent for a 13-ounce can to cover rising raw material costs.
It was the second coffee price increase in the past few days. On Friday, Procter & Gamble Co. boosted prices for its Folgers ground coffee, also citing the need to cover the higher cost of green, or unroasted, coffee beans.
After P&G’s move, analysts had predicted that other companies likely would follow suit.
Pat Riso, a spokeswoman for Kraft’s coffee division in Tarrytown, N.Y., said the suggested list price of the Maxwell House 13-ounce can was raised on Saturday from $2.29 to the new $2.57. Retailers determine the prices charged at stores.
Kraft also increased the price of its Maxwell House instant coffee by 10 cents for an 8-ounce jar. The price of its Yuban and Maxwell House Cafe Collection coffee pods, used in single-serving coffee makers, was boosted by 30 cents. The pods are sold in bags of 16 to 18, varying by the brand.
P&G said last week that it raised the suggested list price of its Folgers ground coffee by 28 cents for cans containing 11.5-ounces to 13 ounces — depending on blend — from $2.28 to $2.56.