Starbucks is raising prices on Tuesday with most drinks receiving a 1% increase. The company’s price hike will range from $0.05 and $0.20 per drink.
According to the Associated Press, The cost of “venti” brewed coffee will increase by $0.10 to $2.45 in most US markets.
Despite protests from customers, this marks the third year in a row that Starbucks has raised prices.
Starbucks raised prices in June of 2014, when the cost of raw coffee was soaring. However, coffee prices have fallen since that time, while the company has continued to fight against rising labor and rent costs.
“We continually evaluate pricing on a product-by-product and market-by-market basis in our stores in order to balance the need to run our business profitably while continuing to provide value to our loyal customers and to attract new customers,” Starbucks said in an emailed statement.
No further details about specific drink pricing have been released at this time