Starbucks drops grocery prices

U.S. coffee store chain Starbucks said Friday it would drop the suggested prices for packaged coffee in grocery stores an average of 10 percent. The new pricing is scheduled to start May 10, the Los Angeles Times reported. Company spokesman Zack Hutson said the pricing changes would affect Starbucks and Seattle's Best brands sold in stores, but not prices at Starbucks bistros. The suggested retail prices for stores for a 12-ounce bag of Starbucks and Seattle's Best will each drop $1 to $8.99 and $6.99, respectively. The adjustment reflects the declining price for coffee beans and catches Starbucks up to other coffee sellers that have already dropped their prices, the newspaper said.