A cup of coffee at Starbucks will cost you more money in the coming months as the company has announced it will raise prices to offset the cost of labor and goods.
The company said on Tuesday it will raise menu prices in 2022 after Starbucks reported quarterly profits sales that were short of Wall Street forecasts.
Chief executive officer Kevin Johnson told investors that the Seattle-based company was facing inflationary costs for goods in addition to having to pay more to train new employees and for them to isolate after exposure to COVID-19, Reuters reported.
“When the Omicron surge began, inflationary costs and staffing shortages were amplified, well in excess of our expectations,” Johnson said during a call with investors.
The company already increased prices in October and again last month.
Starbucks did not specify the products for which it would raise prices, according to Reuters. A grande cup of coffee is $2.10. A venti cappuccino is $5.25.
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