The price for a cup of hot joe is cooling off - at least for the homebrewed stuff.
Grocers across the country started cutting retail coffee prices this week in reaction to an earlier rollback in wholesale prices announced by manufacturers.That's making the price for a cup of coffee easier to swallow, although retailers aren't tipping their hands on exactly how far they will cut prices.
"I've got to have my coffee, but I'll take lower prices," said Mark McLeod as he plucked a can of Folgers off the shelf Friday at a Kroger store in Covington, Ky. "There was a time last year when I thought I was going to have to take out a second mortgage to buy the stuff."
Prices have been falling on the world market due to improved supplies and the prospect of a bumper Brazilian harvest next year.
The price of unprocessed green coffee on commodity markets closed at $1.50 a pound Friday, compared to $2.23 a pound in May.
Cincinnati-based Procter & Gamble Co. on Monday cut the U.S. list price of a 13-ounce can of Folgers - the nation's best-selling coffee - by 30 cents. That dropped the list price of regular ground Folgers to $2.76.