MANILA — Starbucks Philippines is raising the prices of all its P5 beverages starting Sept. 13, its local operator announced Tuesday.
The famous drinks maker did not explain the reasons for the price hike, but it comes as sugar prices have surged in recent weeks due to supply constraints.
The sugar shortage is just one of many factors that pushed inflation to 6.3% in August. Gas price volatility also influences the prices of other commodities.
“As of September 13, we have increased prices by Php5 on all our beverages…We regularly review prices to allow us to properly balance the experience we provide to customers with our need to effectively manage the business,” Starbucks Philippines said.
“We remain committed to delivering value to customers in meaningful ways through special promotions and our Starbucks Rewards loyalty program,” he added.
Sugar is a key ingredient in sugary drinks. Some popular soda makers earlier flagged the supply shortage, saying they needed more premium sugar to meet demand.
Even small bakeries and pastry shops have also increased their retail prices due to rising sugar prices.