Starting Tuesday, Starbucks will increase the price of your morning coffee by 5 to 20 cents. The coffee shop chain did not comment on which drinks will be affected since prices differ for different regions
Although, the company had an 18% boost in profits this quarter, the increase follows many in the past three years.
Starbucks spokesperson Lisa Passa stated this is the first increase in two years “for the majority of impacted beverages, such as Tall brewed coffee and Grande Latte.”
The average receipt will have a slight gain of one percent.
Starbucks Corporation has hit an all time high in sales despite expansion of employee benefits. Operating cost have risen considering wage increases and broader employee programs.
Employees generally make higher than the minimum and wage and have the ability to receive health care benefits, whether full or part time worker.
Last June, the coffee house retailer also announced a partnership with Arizona State University Online that would help employees get a degree. The reimbursement plan, which previously only covered two years, now offer to pay for the full four years tuition.
The College Achievement Plan includes all workers who have not yet received a college degree. Roughly 2,000 employees are currently enrolled but Starbucks aims to send 25,000 students in the next ten years.
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