Kraft lowers coffee prices

NEW YORK Kraft Foods announced Monday that it has lowered prices on Maxwell House and Yuban ground coffees in the United States.

Due to the falling price of green coffee, prices of Kraft’s coffee brands were lowered 6.5 percent. That means the average price of a standard 11 ounce to 13 ounce package will be reduced by around 20 cents, Kraft spokeswoman Bridget MacConnell said.

Earlier this year, coffee prices spiked due to rallying coffee futures markets, at one point hitting a record-breaking 10-year high in mid-February. But prices started to fall in late March and then traded sideways.

Kraft and competitor Procter & Gamble (Folgers Ground coffee) have lowered prices of their standard ground coffee brands. Additionally, Massimo Zanetti Beverage Group (Chock Full O’Nuts and Hills Bros.) has also decreased prices of its ground and roast packaged coffees.