Starbucks Price Cut: Packaged Coffee Drops a 'Buck' in Grocery Stores as the Chain Jumps on the Bandwagon

Starbucks coffee addicts will soon save themselves a "buck" at grocery stores, as the Seattle-based corporation has decided to jump on the bandwagon and cut their packaged coffee prices by an average of 10% beginning on May 10, reports Reuters.

Although this does not mean that the "beloved" coffee chain will charge less for their seemingly overpriced Venti Lattes in their countless cafes across the nation, the suggested retail price of their 12-ounce bag of its whole and ground coffee will drop a "buck" from $9.99 to $8.99 beginning next month.

Starbucks has reportedly made this move to stay competitive as coffee bean prices have steadily declined, notes LA Times. Additionally, the company is looking to increase sales from its packaged goods business.

Starbucks' price cuts apply only to packaged coffee sales through other retailers. They do not apply to packaged coffee and prepared drinks sold in the company's own shops, spokeswoman Lisa Passe explained.

The list price is a mere suggestion, and retailers are still free to charge what they want, notes USA Today. Retailers will soon pay a lower price for the good, while customers are not guaranteed to see a change.

The Starbucks price cut move comes after its competitors started the trend a few months ago, due to the decreasing cost of the commodity. In February, top U.S. packaged coffee maker J.M. Smucker Co reduced suggested retail prices on popular brands such as Folgers and Dunkin' Donuts by an average of 6 percent. Kraft Foods Group Inc quickly followed with a similar price cut for its Maxwell House and Yuban brands. Starbucks Corp decided to grind their prices down as well in order to stay in the game.

Beginning next month, the company is also letting customers earn points on its loyalty program from buying its bagged coffee.

Will more coffee lovers start brewing their own Starbucks at home as a result of this price cut? We shall soon see...