Dive Brief:
- J.M. Smucker plans to raise coffee prices for a third time this year due to the impact of tariffs and commodity costs, executives said on an Aug. 27 earnings call.
- The food and beverage company will likely lift prices “in the early winter,” CFO Tucker Marshall said. Smucker previously raised prices in May because of tariffs on imported beans and made another hike in August.
- “We now anticipate a higher U.S. tariff impact on green coffee costs and we are working to mitigate these cost increases through a combination of alternative sourcing strategies, supply chain optimization, and responsible pricing,” CEO Mark Smucker said in prepared remarks.
Dive Insight:
The expected price hike in early winter would be the fifth time Smucker has increased coffee prices since June 2024, according to the company’s previous earnings call in June. Other importers have done the same, fueling a nearly 21% year-over-year increase in the cost of joe, according to the August Consumer Price Index.
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