Smucker increased prices by an average of 9 percent due to rallying bean prices, the company said.
Price increases by large U.S. roasters have been largely expected after arabica coffee futures prices jumped nearly 90 percent within three months to a 26-month high in April on concerns that Brazil's worst drought in decades would damage crops in the world's biggest producer. The market has since dropped around 20 percent.
Read more: http://www.nbcnews.com/business/consumer/j-m-smucker-hikes-coffee-prices-1st-time-3-years-n122111
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