Smuckers cuts coffee prices  Commodity prices have soared over the past two years, driving food prices significantly higher. Though many businesses initially suffered through the uptick in costs, they gradually offset the increased prices onto consumers. Following earlier price hikes, J.M. Smucker Co. said this week that it will lower its coffee prices.

According to a report from MarketWatch, J.M Smucker, known primarily for its jellies and jams, moved this week to reduce prices for a number of its coffee products. The company manufactures a wide array of food goods, and it said it will cut prices on its Folgers and Dunkin Donuts brand coffee items by an average of six percent.

The company had increased prices on the items earlier in the year, as it moved to achieve business cost reductions. However, strategic sourcing and improved efficiency have helped the company to increase profit margins, allowing for the cuts. Smuckers had raised prices at least four times since May of 2010.

The food giant collects a majority of its revenue from the sale of coffee products, according to the news provider. The company's earnings fell 21 percent during its most recent fiscal quarter as a result of higher tax rates.

Smuckers will report its latest quarterly earnings on Thursday.
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