Yahoo Finance 7-Eleven reveals new price for popular $1 coffee
Convenience store chain 7-Eleven is doubling the price of its popular coffees and Slurpees for the first time since 2009, saying cost increases in the last year have made the current prices “unsustainable”.
From October 4, a regular cup of coffee will increase from $1 to $2, while a large coffee will increase to $3. Super cups will increase to $3.50.
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Angus McKay, CEO and managing director for 7-Eleven, in a statement said it was “no longer able to absorb cost increases” as they had done in the past decade.
“We will continue to provide our customers with great value and great quality, while ensuring our prices are sustainable for our store owners, our suppliers and our communities,” McKay said.
“Although this is the first price change in more than a decade, a single $2 gold coin for a regular coffee remains among the best value offers in the industry."
Those who hope to save a bit of money however, can choose to bring their own reusable cup to get 50 cents off their coffee.
The convenience store chain has more than 720 stores across Victoria, NSW, ACT, QLD and Western Australia, with more than 450 small family-owned businesses in the service station franchise network.
Consumers react
Facebook users however seemed divided over the price hike, with some saying it was justified while others saying the increase was a bit too much.
“Don’t even know why 7 11 [sic] is apologising. Still a great price,” said one customer.
“Still better price than a coffee shop due to less overhead costs, but a 100% increase is unjustified,” another commented.
This price hike in 7-Eleven’s popular drinks is the latest blow for Australians who are already battling rising costs of petrol, energy, housing and food.
The annual inflation rate climbed to 6.1 per cent in the year to June – the highest level in more than a decade.
The Consumer Price Index in the June quarter soared at the steepest pace since mid-2001, and unemployment last month fell to a new 48-year low of 3.4 per cent.
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