Starbucks boosts its coffee prices
That Starbucks habit has gotten got a little more expensive.
Starbucks said Thursday it has raised the price of a regular drip coffee by 10 cents to 20 cents in most U.S. stores, putting a small brewed coffee at $1.95 to $2.15 in most locations.
The company said prices haven’t changed on drinks such as lattes and iced coffees in most stores.
Overall, Starbucks Corp. says it has hiked prices by an average of 1 to 2 percent in the past year, which it said was in line with industry practices – though the increase may be higher for particular drinks. The company has also rolled out specialty drinks over the years that tend to cost more.
Sara Senatore, a senior analyst who covers the restaurant industry for AB Bernstein, noted that the average annual price increase for a tall brewed coffee at Starbucks has been 1.7 percent over time. She said that is similar to overall inflation rates, meaning the price hasn’t risen in real terms.
Amazon unveils voice TV control
Alexa for couch potatoes is coming: Amazon’s new streaming TV device will let users shout out when they want to turn on the TV, flip channels or search for sitcoms – all without pushing any buttons.
The Fire TV Cube is not entirely hands-free yet, however. Some apps or streaming services may require viewers to pick up the included remote to rewind or stop a show. Amazon says it’s working with those services to integrate voice commands.
Amazon’s other voice-controlled Fire TV devices require a push of the remote’s mic button or a separate Echo device with Amazon’s Alexa voice assistant. Unlike the other devices, the Cube will let viewers switch between streaming services like Netflix and regular cable channels with such voice commands as “Alexa, turn on ESPN.” The new device can also do typical Alexa tasks, such as playing “Jeopardy!” or fetching the weather, even when the TV is off.
The Cube will be available later this month for $120.
Mortgage rates drop for second week
Long-term U.S. mortgage rates fell this week for the second straight week, providing a helpful jolt for potential home buyers.
Last week’s decline followed weeks of increases that pushed long-term loan rates to their highest levels in seven years. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.54 percent, down from 4.56 percent last week. The average benchmark rate has been running at its highest levels since 2011. By contrast, the 30-year rate averaged 3.89 percent a year ago.
The average rate on 15-year, fixed-rate loans dipped to 4.01 percent from 4.06 percent last week.
Home equity boosts household wealth
Increased home prices boosted U.S. household net worth 1 percent in the January-March quarter to crack $100 trillion for the first time.
The Federal Reserve said Thursday that home values rose $500 billion, offsetting a decline in stock portfolios of $400 billion. Overall household wealth rose to $100.8 trillion from $99.7 trillion in the October-December quarter.
The figure reflects the value of assets like homes, bank accounts and stocks minus debts like mortgages and credit cards.
About 64 percent of Americans own their homes, down from a peak of about 69 percent in 2005.