Factbox: Recent history of coffee price moves

This marks its fourth increase in a year as arabica coffee futures on ICE more than doubled since June 2010, reaching a 34-year peak earlier this month at $3.0890 per lb. The market has since dropped about 14 percent.

Robusta coffee futures trading on Liffe climbed about 95 percent in the same time, reaching a three-year peak at $2,672 per tone in March.

Roasters around the world have raised their listed prices sporadically throughout the year as the combination of tight global supplies of washed arabica beans and speculative buying have left many wondering how high prices will go.

The popular beverage is still considered an affordable luxury in the developed world.

Below is some of the recent history of its price moves in the futures market and on store shelves.

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* May 1997: New York spot arabica coffee futures surge to $3.18 per lb.

* 1997: The then Folgers Coffee Co raised prices for Folgers coffee by a staggering 29 percent due to soaring green bean prices. This was followed by another price hike of nearly 10 percent a couple months later.

* May 18, 2010: J.M. Smucker Co (SJM.N) raised list prices for majority of its Folgers, Dunkin' Donuts, Millstone and Folgers Gourmet Selections coffees by about 4 percent.

* May 21: Kraft Foods (KFT.N) raises list price of some Maxwell House and Yuban roast and ground coffee by about 4 percent.

* June 11: Arabica coffee futures trading on ICE begin to rally on heavy fund buying following about five months of sideways dealings between $1.2655 and $1.3985 per lb.

* August 3: Smucker's raises prices of Folgers and other well known brands by average of 9 percent in biggest widespread rise in years.

* August 6: Kraft becomes second major coffee roaster to hike prices, raising list prices on select Maxwell House and Yuban ground by more than 10 percent. Instant coffee prices were also raised.

* September 22: Starbucks Corp (SBUX.O) said it may raise the price of packaged coffee and raise the cost for its large-sized and labor-intensive drinks due to surging prices in coffee and other commodities.

* November 10: Arabica futures continue to soar well above $2 per lb and reach $2.1870, the highest since June 1997, as tight supplies of washed arabica beans are seen as the driving force behind the rally, in addition to speculators. This follows two years of significantly smaller-than-average crops in Colombia while supplies were also tight in Central America.