Kraft cuts Maxwell House coffee prices, follows J.M. Smucker

NEW YORK Thu Feb 21, 2013 2:15pm EST

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NEW YORK Feb 21 (Reuters) - Kraft Foods Group Inc said on Thursday that it reduced the price on select ground and instant coffees by 5-6 percent, including its flagship Maxwell House brand, effective immediately.

The price cut comes two days after trend-setter J.M. Smucker Co, which makes Folgers coffee, lowered its list retail prices by 6 percent.

Both companies cited sustained declines in the green coffee market.