Kraft Foods Inc. says it is cutting its U.S. coffee prices in response to a drop in the price of unroasted beans.
The food maker says it is immediately lowering the price for its Maxwell House and Yuban coffee by 6 percent. It is dropping prices for Gevalia coffee sold in retailers by 10 percent. And it is reducing the price for all of its instant coffees except Maxwell House by 4 percent.
The move comes days after J.M. Smucker Co. cut the prices of its Folgers, Dunkin' Donuts and other coffee brands by 6 percent.
Coffee companies raised their prices several times in 2010 and 2012 after growing demand, poor weather and other issues drove up commodity costs for beans.