Kraft Foods Raises Coffee Prices by 12%

Kraft Foods Inc. said it had increased the price of its Maxwell House roast and ground coffee by 12% for a 13-ounce can to cover rising raw material costs.

On Friday, Procter & Gamble Co. boosted prices for its Folgers ground coffee, also citing the need to cover the higher cost of green, or unroasted, coffee beans.

The suggested list price of the Maxwell House 13-ounce can was raised Saturday from $2.29 to $2.57. Retailers determine the prices charged at stores.

Kraft shares fell 11 cents to $33.19 on the NYSE.