Starbucks Hiking Prices Despite Falling Costs - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Starbucks Hiking Prices Despite Falling Costs

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PHOTO: MGN Online PHOTO: MGN Online

NEW YORK (AP) - Starbucks wants a few extra pennies for that latte.

The Seattle-based coffee company says it's hiking prices on average by 1 percent nationally starting Tuesday. But it says the price for many drinks, such as medium and large brewed coffees and Frappuccinos, won't change in most its 11,000 U.S. cafes.

Depending on the market, Starbucks Corp. notes it's the first price hike most customers will see in about two years.

The price hike comes despite falling coffee costs that have boosted the company's profits. In the last quarter, Starbucks cited lower coffee costs for a stronger operating margin, which represents the money it pockets from sales after subtracting what it pays to keep stores running.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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