Maxwell House is changing its name for the first time in 133 years
Starbucks CEO tells Fox Business that the coffee chain is ‘ahead of schedule’ in its major turnaround effort,
Maxwell House is changing its name for the first time in its 133-year history.
The coffee brand, owned by Kraft Heinz, will temporarily be renamed “Maxwell Apartment,” a move it said it made “to meet the needs of today’s consumer.”
“In a time where value matters now more than ever, Americans seek value in areas of their everyday, including where they live,” Kraft Heinz said in a press release.
THAT LATTE OR CAPPUCCINO COULD GET MORE EXPENSIVE AS COFFEE PRICES CONTINUE TO RISE
Maxwell House is temporarily changing its name to “Maxwell Apartment.” (The Kraft Heinz Co.)
Nearly one-third of Americans chose to rent their homes versus purchasing, according to data from the Census Bureau. The median asking rent in the 50 largest U.S. metro areas was just more than $1,700, according to Realtor.com data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KHC | THE KRAFT HEINZ CO. | 25.93 | -0.34 | -1.31% |
“Two-thirds of American adults drink coffee every day, which can add up quickly, especially these days,” said Holly Ramsden, Head of Coffee, North America at Kraft Heinz.
The brand is offering a 12-month “lease” on coffee, which it says is designed to keep java lovers stocked with a year’s worth of coffee.
“Two-thirds of American adults drink coffee every day,” Kraft Heinz’s head of coffee for North America said. (Carlo Allegri/Reuters / Reuters Photos)
Fans can get four 27.5-ounce canisters of Maxwell House Original Roast Ground Coffee for $39.99. One 27.5-ounce canister costs $12.99 on Amazon.
STARBUCKS CEO SAYS COFFEE CHAIN IS ‘AHEAD OF SCHEDULE’ IN MAJOR TURNAROUND EFFORT AFTER ONE YEAR
The deal comes as Americans are paying more for their coffee as prices for the caffeinated commodity are near record levels due to global production headwinds and higher costs from imported coffee exposed to tariffs.
Coffee prices have taken a hit from tariffs as well as global production challenges. (Justin Sullivan/Getty Images / Getty Images)
The most recent edition of the consumer price index (CPI) released by the Bureau of Labor Statistics showed that coffee prices were up 20.9% from a year ago in August and rose 3.6% on a monthly basis. That’s the highest annual price gain reported in the data series since a 21.2% reading in July 2011.
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Prices for subgroups of coffee rose to a similar degree, with the BLS reporting that roasted coffee prices were up 21.7% year-over-year and 4.1% on a monthly basis in August, while the cost of instant coffee was up 20.1% from a year ago and 4.9% from the prior month.
