The Venti to Raise Iced Americano Price by 200 Won Next Month
From 1,800 Won to 2,000 Won
Low-cost coffee franchise The Venti will raise the price of iced Americano starting early next month. As coffee bean prices rise, domestic coffee franchise companies are raising coffee prices one after another, raising concerns that 'coffeeflation (coffee + inflation)' may become full-fledged.
According to the industry on the 20th, The Venti plans to increase the price of iced Americano Venti size from the existing 1,800 won to 2,000 won, a 200 won increase. The price of decaffeinated iced Americano will be raised from 2,300 won to 2,600 won. The specific timing of the increase will be finalized after discussions with store owners and others.
The background of this price increase is the rise in coffee bean prices. As coffee bean production decreases due to factors such as climate change, coffee bean prices are hitting record highs and soaring daily. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), on the 19th, the price of Arabica coffee beans was $9,213 per ton (about 13.25 million won), up about 121.9% from February last year ($4,152).
As coffee bean prices surge, coffee franchises are simultaneously raising coffee prices. Starbucks Korea raised the prices of 22 types of tall size drinks by 200 to 300 won starting from the 24th of last month, and Hollys and Paul Bassett also raised prices. Pascucci raised the prices of five types of drinks, including Americano, by 200 to 600 won starting from the 13th. Compose Coffee, a low-cost coffee company, also raised the prices of iced Americano and decaffeinated iced Americano by 300 won each starting from the 13th.
With the recent high exchange rate situation overlapping, the price hike trend among coffee franchises is likely to continue in the future.
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