Starbucks ups some prices in China
Saturday 01 January 2011
US coffee chain Starbucks said Friday it plans to increase the price of some drinks in China next year due to soaring commodity prices.
The price of Frappuccinos will be hiked by two yuan (30 cents) from Saturday, Shanghai-based Starbucks spokeswoman Caren Li told AFP. The current price for a small Frappuccino is around 30 yuan (4.50 dollars).
Starbucks, which has 400 stores in China, will however reduce the cost of other products such as vanilla lattes, as well as extra syrup, cream and coffee shots, Li said, without providing further details.
The price adjustments will "reflect increases in commodity prices and provide better value for our customers", she said.
Global raw material costs have skyrocketed in 2010 due to weather-related disasters and strong demand in emerging economies such as China.
Coffee prices have been trading around record highs after heavy rain destroyed coffee bean crops in Central and South America.
In November, US fast-food giant McDonald's raised the price of its hamburgers, fries and chicken nuggets by up to one yuan in response to spikes in meat, egg, and oil prices in China.
Beijing has been battling to rein in soaring food costs, which drove inflation in November to its highest level in more than two years.
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