Kraft Foods Inc. lowered the prices of several U.S. coffee products as the cost of coffee beans continues to slide.
Bridget MacConnell, a Kraft spokeswoman, attributed the move to "sustained decreases in the cost of green coffee." Green coffee is coffee that has yet to be roasted.
Prices of Arabica, which is the most consumed variety of coffee in the world, are down more than 20 percent this year, as the market anticipates a potential record-sized crop from top-producer Brazil.
Kraft cut prices on Maxwell House and Yuban roast and ground coffee brands by about 6 percent, MacConnell said in an email. Gevalia roast and ground coffee sold in retail outlets were reduced by about 10 percent, she added. The price cuts are effective immediately.
There was also an approximate 4 percent price reduction for non-flavored instant coffees, other than instant coffees sold under the Maxwell House International trademark, she said.
MacConnell said the last time Kraft reduced prices was in August, after they were raised in March when prices of Arabica were climbing towards a 14-year high of $3.06 a pound, which was seen in May 2011