Global coffee prices rise on bean supply woes

Coffee chains including Starbucks, Tim Hortons and Luckin Coffee all raised prices of some coffee drinks in China due to the higher costs of coffee beans and operations. The prices are likely to increase again in the future as the cost of coffee beans will remain high, industry sources said. US coffee chain Starbucks increased prices of different kinds of coffee drinks last week by 1 yuan (16 cents) to 2 yuan. The company said the decision was made based on a comprehensive consideration of many factors such as operational costs. Starbucks entered the Chinese market in 1999. It now operates about 5,500 stores in over 200 cities nationwide, the company said. Domestic chain Luckin Coffee raised prices by about 3 yuan in December for some of its coffee drinks due to higher operational costs of rents, labor and raw materials, the company said. It runs more than 5,300 direct-sale stores in China. Canadian chain Tim Hortons, which entered the China market in early 2019, raised prices of ...