Get ready to shell out more for your favorite drink as Starbucks raises its prices on 23 of its 42 drinks nationwide July 15th. The price hike, between 100 and 200 won, will like affect all coffee shop chains around the nation as well. The price of its most popular drink, the Americano, will rise 200 won to 4,100 won for its tall-sized offering.
While prices on green beans have declined to $2.87 per kilo over the first half of 2014, a nearly 40% drop since 2011, Starbucks considers several factors, including its cost structure when setting its prices for its roughly 650 locations in Korea.
“An increase in personnel expenses, rental fees for outlets and development costs were the main reasons that pushed up the prices this time,” Starbucks Korea spokesmen Suh Kyu-ouk said in a statement.
According to a study published in the Wall Street Journal, Korea’s prices for brew at Starbucks was in the middle of the pack when compared with other countries around the world. India enjoyed the lowest prices for price parity, while Norwegians won the unfortunate title of the highest prices at nearly four times higher due to its relative strength in its currency.