Folgers to Cut Coffee Price on Lower Bean Costs

Procter & Gamble Co. said it will cut the price of its Folgers coffee to reflect the falling price of raw beans. The recommended price of Folgers, the nation’s best-selling brand of coffee, will drop 10 cents for a 13-ounce can of regular grind, to $2.05, effective Aug. 14, the company said. It will be the third price cut this year and follows a 20-cent reduction that was effective May 22. “We are aware of the Folgers announcement and have taken no action ourselves,” said a spokeswoman for Philip Morris Cos., maker of Maxwell House, the No. 2 U.S. brand. Coffee futures prices have fallen 35% since reaching an 18-month high Dec. 2, on expectations that abundant crops would overwhelm demand from roasters. Coffee futures for September delivery rose 0.65 cent, or 0.7%, to 88.10 cents a pound on the Coffee, Sugar & Cocoa Exchange in New York.