24 May '11, 8pm

Coffee drinkers keep chugging, as prices rise

NEW YORK (AP) — People are paying more to fuel up these days — on coffee. Coffee price increases have outpaced even the hike in gasoline prices the past year. A one-pound can of ground coffee sold for $5.10 in April, up 40 percent from $3.64 the year before, according to the Department of Labor. By comparison, a gallon of regular gasoline cost $3.83 on average on Tuesday, up 37 percent from a year earlier. And while fuel prices are expected to stabilize, coffee increases could continue for some time because the prices that coffee companies pay for unroasted beans are still climbing — fast. Coffee futures were trading for $2.61 per pound Tuesday, roughly double a year earlier. J.M. Smucker Co., the maker of grocery store stalwart Folgers and of packaged varieties of Dunkin' Donuts coffee, said Tuesday that it is raising prices of most of its U.S. coffee products by 11 perce...

Full article: http://sg.news.yahoo.com/coffee-drinkers-keep-chugging-pr...

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