Procter & Gamble Co. said it reduced the price of Folgers ground coffee for the first time in 2 1/2 years as bean costs fell.
The price of Folgers ground coffee in 10.5-ounce containers sold to U.S. retailers dropped 20 cents, or 6.5%, said Bryan Brown, a P&G spokesman in Cincinnati.
The cost of green coffee, beans that haven't been roasted, has fallen "sharply" in the last two weeks, Brown said, spurring Folgers, the top-selling U.S. coffee brand, to charge less for the first time since August 2005. P&G has raised prices five times in a row, most recently by 7% on March 3. P&G also lowered the price of the Maryland Club brand while leaving other varieties, including Folgers Instant and Millstone, unchanged, Brown said.