Has inflation finally hit Starbucks Philippines?
The cost of drinks from Starbucks Philippines has increased in all its stores amid the high inflation rate and rising costs of other commodities, the company said in a statement.
According to the company, the value of its beverages will now be adjusted from three percent to eight percent this week.
This is equivalent to an increase of between P5 and P10 per drink.
Starbucks did not specify the cause for the price hike, but it assured the public that the change is part of its goal of improving the customer’s “Starbucks experience.”
“As part of our comprehensive approach to providing value and the Starbucks experience, we periodically evaluate pricing to balance our need to run the business profitably while providing maximum value to our loyal customers and to attract new customers,” the company said.
To compensate the sudden surge, the coffee company offered a “complimentary up-size” for the drinks but only from October 1 to 2.
The costs of its other products, such as coffee beans, food and merchandise, is not included in the announcement.
Inflation rate rose to 6.4 percent last August, and with it, prices of food and non-alcoholic beverages also peaked at 8.5 percent.
Starbucks in the Philippines is operated by Rustan Coffee Corp.