It's been a week of bad news, especially if you live in the Southern states. If you're a coffee fan—or a fan of the Pumpkin Spice Latte—it's not getting much better.
Starbucks has been in the news for that hyped Pumpkin Spice Latte returning to stores. What news outlets haven't shared is that Starbucks is also raising their prices.
"Prices were raised by 10 percent on certain menu items. The price increase affects some sizes of drip coffee and espresso drinks, cookies, and bacon Gouda breakfast sandwiches," reported People Magazine.
“Pricing is continually evaluated on a product-by-product and market-by-market basis in our stores,” explained Starbucks spokesperson Sanja Gould.
What that means is the price hike won't be the same for every store. She said for some Starbucks customers—are 10% of the customers—should expect their average cost to increase by 0.5 percent. She says this increase will allow Starbucks to continue providing value to their loyal customers.
"Gould’s statements make sense, and 0.5 percent doesn’t sound like much at first, but a $0.20 increase on drip coffee isn’t actually that minimal. For those who buy their morning coffee at Starbucks on weekdays, they’ll be spending $1 extra each week. Simple addition shows that this price increase is no small thing," adds People.
Functionally, that means your mochas and lattes may soon cost $0.10 to $0.30 more at certain locations. If you're eating a bacon Gouda breakfast sandwich, then it will cost $3.45 to $4.95. Cookies will also go up 30 cents. Depending on how often you visit Starbucks, that could cost you.
This is also the second time that Starbucks has raised their prices in the last year. They already instituted a 10-30 cent hike on cold drinks and baked goods in November of last year. People on Twitter weren't impressed by the price hike.
Do you think the price increases will make you spend less money at Starbucks, or are you unconcerned about 20 cents here and there? Let us know in the comments. In other interesting news, people are debating this former NFL player's parenting style. Read the story so you can add your opinion.