Coffee bean prices drop sharply Starbucks in South Korea raises prices again

According to a report by South Korea's news1 News Agency on July 11, Starbucks' South Korean representative Li Shuoju announced on the 11th that from the 16th, the price of major drinks will be raised by 200 won (1.2 yuan), with popular products such as American coffee and latte in the list of price increases.

After the price increase, the American coffee large cup is 4100 won, the latte is 4600 won. The price of coffee beans has fallen sharply recently, but Starbucks' decision to raise prices has drawn criticism from all sides that there is no sufficient reason to raise prices.

In response, Starbucks South Korea said that with the increase in venue rental fees, labor costs and product development fees, product prices are bound to rise. But this claim has not been accepted. According to the report, the import price of coffee beans has fallen sharply recently, with the unit price per kilogram falling from $4.54 in 2011 to $2.87 in May this year, a drop of as much as 37%. Starbucks highlighted rising operating costs while ignoring raw material costs, making price increases in the normally normal market controversial.