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Published: Tue, July 12, 2016
Economy | By Melissa Porter

Starbucks hikes prices on coffee, espresso, tea lattes

Starbucks hikes prices on coffee, espresso, tea lattes

The Seattle-based coffee chain says prices on select sizes of brewed coffee in USA company-operated stores jumped 10-20 cents Tuesday while prices on espresso and tea latte beverages will rise 10-30 cents.

The coffee chain says prices on select sizes of brewed coffee in USA company-operated stores are jumping 10 to 20 cents Tuesday, while prices on espresso and tea latte beverages will rise 10 to 30 cents.

According to reports, the company on Tuesday said the latest increase was needed for "business needs".

On Monday, Starbucks said it would be raising the base pay of all employees, including store managers, in its USA company-owned stores by 5 percent or more starting October 3.

That the wage and price increases were announced so closely together was a coincidence of timing, according to a company spokeswoman.

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The company is increasing its bean stock program, a stock-award program available to employees who reach two years of continuous service with the company. Combined, the changes will bring the compensation increase to as much as 15 percent.

Starbucks has raised prices every summer since 2013.

There's a good chance the cost of your favorite Starbucks beverage is going up.

Starbucks is also expanding its health-care options for employees and relaxing its dress code to provide more scope for "self-expression".

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