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The Associated Press September 7, 2010, 6:23PM ET

Green Mountain to hike K-Cup portion pack prices

Green Mountain Coffee Roasters Inc. said Tuesday that people across North America who buy its K-Cup portion packs for the Keurig Single-Cup brewing system should see a price hike of about 10 to 15 percent next month as it keeps up with rising coffee costs.

The company said it is raising prices Oct. 11 because its costs have gone up for coffee beans, packaging and transportation.

It said in the past three months, green coffee prices have increased from $1.45 per pound to $1.90 per pound, about 31 percent.

The company has been monitoring prices and could absorb some cost increases for the short term, but Scott McCreary, president of the company's specialty coffee unit said the changes it has noticed "led us to conclude it is necessary to adjust our pricing."

The Keurig system's success has been fueling growth for Green Mountain, which is based in Waterbury, Vt.

As shoppers cut spending at cafes during the recession, the system presented a less-expensive alternative.

Starbucks Corp. jumped into the market a year ago with its Via instant coffee line.

Shares of Green Mountain fell 76 cents, or 2.4 percent, to close at $31.21 on Tuesday.

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