It’s only three cents more for a cup of coffee at Tim Hortons, but for many Canadians, it’s another reminder that the cost of almost everything is rising.
Tims confirmed this week that it raised coffee prices by an average of 1.5 per cent, about three cents per cup, marking its first increase in three years. A company spokesperson told CTV News the move was “more than reasonable,” noting that coffee bean prices have more than doubled over that time.
This increase may seem minor, but it adds up. A person who buys a small coffee each day is looking at $11 more per year, which could buy you a tin of coffee at your local grocery store.
The price of steeped tea has also recently increased by a whopping 30 per cent. Customers have noticed increases in menu items, such as baked goods and breakfast sandwiches, in recent months. The rise in these other costs hasn’t been announced, but the trend is seen across the menu.
Statistics Canada reported Canadians paid nearly 28 per cent more for coffee at grocery stores in August than they did a year earlier. Even making it at home seems to be getting quite pricey.
Will a few extra cents discourage customers? Probably not, but it may urge people think more about where their hard-earned dollars are going. For most, though, it’s about the convenience and that nostalgic cup of Canadian goodness.
