Starbucks Raising Prices on Brewed Coffee and Lattes

The Wall Street Journal reports that Starbucks is raising prices, even though the cost of coffee has declined.

Reasons for the increase include higher wages and higher rent.

The new prices will increase the cost of an average order by about 1 percent.

The Wall Street Journal says, "drinks affected will vary by market, but in most stores, prices will increase for tall, or 12-ounce, and venti, or 20-ounce, brewed coffee, as well as grande, or 16-ounce, latte."

The price increases will vary from 5 to 20 cents and begins on Tuesday, July 7.