Seoul, South Korea – Starbucks Korea announced on January 20 that it will increase prices for 22 of its tall-sized beverages by 200 to 300 won starting on January 24.
The price hikes will affect not only coffee-based drinks but also tea beverages due to significant increases in coffee bean prices.
Popular items such as Café Americano, Café Latte, Cappuccino, Caramel Macchiato, and Grapefruit Honey Black Tea will see a 200 won increase for both tall and short sizes. The price of a tall Café Americano, the company's best-selling item, will rise to 4,700 won.
Cold brew, milk tea, and Yuja Mint Tea will experience a 200 won price increase for tall sizes only. The price of the daily coffee will also increase by 300 won for tall and short sizes, and by 100 won for grande and venti sizes.
However, some beverages like Jeju Matcha Latte will remain at the same price, and one iced coffee will see a price decrease.
This marks the third price increase for Starbucks in the past five months. In August last year, the company raised prices for grande and venti-sized beverages by 300 and 600 won, respectively. In November, it increased the prices of 11 tall-sized iced beverages by 200 won, including blended beverages, Frappuccinos, Fizzios, and Refreshers.
Starbucks attributed the price increases to ongoing increases in exchange rates and costs, despite efforts to minimize the burden on customers.
Following Starbucks' lead, other coffee brands are also raising their prices.
Paul Bassett, operated by Maeil Dairy's subsidiary MZ Seed, will increase the prices of its main products by 200 to 400 won starting on January 23. The average price increase for 28 products will be 3.4%. A latte will cost 5,900 won, and ice cream will be priced at 4,300 won. This is the first price increase for Paul Bassett in two years and ten months.
Dongsuh Foods increased the prices of its instant coffee, coffee mix, and coffee beverages by an average of 8.9% last November. Coffee Bean also raised its prices last year, and the low-cost coffee franchise The Venti also implemented price increases.
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