Impact of Rising Coffee Bean Prices and Exchange Rate Fluctuations
Paul Bassett Follows Starbucks and Coffee Bean in Price Hikes
Cafe Latte Price Increases from 5,700 Won to 5,900 Won
Paul Bassett, a franchise coffee specialty store operated by M's Seed, an affiliate of Maeil Dairies, is raising its prices. Following Starbucks and Coffee Bean last year, Paul Bassett is also joining the price hike trend.
Paul Bassett will increase the prices of 28 products by an average of 3.4% starting from the 23rd. On the 16th, Paul Bassett posted a notice on its website stating, "Although we have maintained prices for the past few years, due to recent increases in coffee bean prices, rapid exchange rate fluctuations, and continuous rises in various raw and subsidiary material costs, we are reluctantly raising prices."
Accordingly, the price of a cafe latte will rise from 5,700 won to 5,900 won, lungo from 4,900 won to 5,300 won, and ice cream from 4,000 won to 4,300 won, an increase of 200 to 400 won. This is the first price increase in 2 years and 10 months since March 2022, when prices of 42 products were raised by 200 to 500 won. However, Paul Bassett has frozen prices for espresso and tea varieties, including the Americano, which has the highest sales volume.
Earlier, Starbucks Korea froze the price of the most sold Tall (355mL) size in August last year but raised the Grande (473mL) and Venti (591mL) sizes by 300 won and 600 won respectively. Then, in November of the same year, it increased the price of 11 non-coffee iced beverage Tall sizes by 200 won each.
Coffee Bean raised prices by 200 won on December 26 last year for drinks containing chocolate powder, such as cafe mocha and double chocolate, due to a sharp rise in the price of cocoa, a chocolate raw material.
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