Business

Starbucks cuts suggested retail price of coffee

Eric Risberg/Associated Press/file

NEW YORK — Starbucks is cutting the suggested retail price of its bagged coffee sold in supermarkets, following similar moves by competitors amid falling commodity costs.

The Seattle-based chain says 12-ounce bags of its whole and ground coffee will be $8.99, down from $9.99. The list price of its Seattle’s Best coffee will also be slashed to $6.99 a bag, from $7.99. The new prices take effect May 10.

The list price is just a suggestion and retailers are free to charge their own prices, however, so customers may not see a change.

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The move does not affect the price of Starbucks coffee in its cafes.

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In February, J.M. Smucker Co. also lowered the price for most of its Folgers and Dunkin’ Donuts packaged coffee sold in the United States by an average of 6 percent.

The cut by Starbucks Corp. also reflects the company’s ongoing push to accelerate growth in its packaged goods business.