Next week you'll pay more for a Starbucks latte

Starbucks, next Tuesday, is raising U.S. prices by an average of 1% for its brewed drinks to help offset an increase in business costs.

NEW YORK (CNNMoney)

The price hike will affect beverages including Starbucks' (SBUX, Fortune 500) brewed coffee, tea, latte and espresso drinks, said spokesman Jim Olson. While drink prices vary from city to city, Olson said that customers in some markets could pay about 10 cents more for a tall brewed coffee.

Still, less than one-third of all Starbucks beverages will be affected by the new prices, he added.

For instance, prices will not increase at a vast majority of Starbucks stores for its venti and grande-sized brewed coffees, or for its Frappuccino drinks.

This is the first price hike in nearly two years for the coffee chain, according to Olson, who said the rising cost of labor, raw materials and rent triggered the move.

Still, there is one way that customers can always shave a few cents off their coffee tab: Starbucks offers a 10 cent discount on any drink when customers bring in a personal tumbler or use a reuseable Starbucks cup.

First Published: June 21, 2013: 5:01 PM ET

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