Broke Americans, prepare to give up that caffeine addiction, because Starbucks is raising prices. The coffee chain raised prices an average of 1% across the Northeast and the Sun Belt, affecting New York, Boston, Washington, Atlanta, Dallas and Albuquerque. The price of a tall coffee in New York City has gone up by a whopping ten cents.
Starbucks blames the price hike on "balancing the cost of doing business with competitive dynamics in these markets," as opposed to the rising commodity costs of coffee, milk, and fuel. Also, the coffee chain is currently spending a bunch of money remodeling 1,700 cafes. At least wealthy Americans will have pleasant new surroundings in which to enjoy their caramel macchiatos.