NEW YORK Procter and Gamble last week announced that prices of its Folgers brand coffees with drop by 3.5 percent.
P&G spokeswoman Jen Becker said the price reduction is due to lower costs to purchase green coffee.
Folgers said that its listed prices for Folgers Ground dropped 10 cents for its 10.3- to 11.5-ounce canisters. The price of Folgers’ Instant coffee also dropped by 3 cents per ounce, company representatives said.
So far, 2008 has been a volatile year for the U.S. coffee market, several other rises and drops in coffee prices have been reported since January across brands.