Coffee giant Starbucks announced Friday that they are lowering the suggested retail price of its packaged ground coffee products by 10 percent or more.
The discounted price is expected to be enacted May 10 and will apply to the Seattle-based company's packaged coffee in grocery stores and other retailers throughout the U.S., according to Starbucks spokeswoman Lisa Passe who also points out that the lower price will not apply to packaged coffee and prepared drinks in the company's stores.
But the price cut will be applied to the Starbucks's subsidiary, Seattle's Best.
For example, the suggested retail price on 12-ounce packages of Starbucks ground coffee will fall to $8.99 from $9.99 and Seattle's Best will go to $6.99 from $7.99, reports the Chicago Tribune.
News of the discount comes shortly after other competitors have slashed prices as the cost of coffee beans continues to drop.
However, there is one caveat.
The price that Starbucks sets for various retailers and grocery stores is only a suggested one, so it is up to those entities whether they want to provide discounts for their customers or keep the savings for themselves.So it is possible that you may not see the savings at your local retailer.