Folgers Coffee Prices Will Drop Again

Procter & Gamble Co. said it will reduce prices of its Folgers coffee, the best-selling U.S. brand, for the second time this year after the cost of raw coffee beans plummeted. Cincinnati-based P&G; will lower the list price of regular and decaffeinated Folgers by 20 cents for each 13-ounce can as of Aug. 24. Regular coffee will sell for $2.31, the lowest price in two years, and decaf for $3.01. Folgers had cut prices by 25 cents a can in May. The price cuts reflect a slump in raw coffee beans traded in New York commodity markets, which have plunged almost 30% this year because of an expected bumper crop in Brazil, the world’s largest coffee grower. Procter & Gamble’s stock fell 56 cents to close at $91.94 on the NYSE.