High Street coffee prices increase by 30%
High Street coffee prices have risen by a third, new research has found
According to The Sunday Times and UCC Coffee, the cost of a medium latte on the High Street has risen by 30% between 2021 and 2024.
In Buckinghamshire, where the research was conducted, a medium latte cost £2.75 at a Pret A Manger in 2021, but had risen to £3.60 by the start of 2024. Caffè Nero, Costa Coffee and Starbucks all had similar price rises.
According to market research analyst, Mintel, the number of regular coffee drinkers who bought a caffeinated beverage from a shop fell from 89% in October 2022 to 83% in October 2023. Findings from its survey revealed most customers today chose price over brand.
Trish Caddy, a food industry analyst at Mintel, said there was “a tendency to shift away from branded coffee shops towards cheaper alternatives, such as barista-style drinks offered at supermarket cafés”.
Brands respond
A spokesman for Caffè Nero, which offers the lowest prices among the big coffee chains, told the Sunday Times its “pricing is a reflection of the extensive costs our business now faces to operate”.
Meanwhile, Starbucks said some of its prices had “seen adjustments as a result of increased input costs and operating expenses experienced by the wider industry”, while Costa Coffee said it had faced significant inflationary pressure over the past 18 months.
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