Starbucks is raising prices

Starbucks is raising the prices of several beverages by about 1% starting Tuesday.

Increases will range between $US0.05 and $US0.20 for most drinks, the AP reports.

The cost of brewed coffee, for example, will increase by $US0.10 to $US2.45 in most US markets, according to the AP.

This is the third straight year that Starbucks has implemented price increases.

The company last raised prices in June of 2014, when the cost of raw coffee was soaring.

Raw coffee prices have since fallen. Starbucks is citing rising labour and rent costs for this latest round of increases, The Wall Street Journal reports.

We reached out to Starbucks for more information and will update when we hear back.

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