Starbucks hiked its coffee prices nine cents in July to account for rising costs. Was it a good move? Cash-strapped consumers are saying no, and so are the financials. Although the company's profits increased, it lowered forecasts after a brief, "whoops!" and "we didn't see it coming" vis a vis the climbing prices in energy, gas, and food. The extra nine cents puts the average cost of a grande-sized boost at around two bucks, which means if you're like the rest of us and drink three cups a day, then you'd spend six greenbacks on Starbucks coffee daily.
"Unbenknownst to us, we saw economic headwinds that quite frankly came up stronger than I had thought," Chief Executive James L. Donald said.
If you're still in woe as to the lost dime, there's no need to despair. I've found a solution: Those sugar packets in the back have to be worth at least two-pence each.
Starbucks Black Gold image by jakeliefer [cc, 2.0]