(Adds Kraft's price hike Dec. 15, 2010)
NEW YORK, Feb 8 (Reuters) - J.M. Smucker Co (SJM.N), the top U.S. packaged coffee maker, raised prices for most of its coffee products on Tuesday, as the cost of beans has soared 85 percent in eight months. [ID:nSGE7170CT]
Coffee prices, which are affected by crop conditions, currency fluctuations and market speculation, have a history of volatility.
This popular beverage is still considered an affordable luxury in the developed world. Below is some of the recent history of its price moves in the futures market and on store shelves.
(Graphic on coffee and Smucker's share prices: here)
* May 1997: New York spot arabica coffee futures KCc1 surge to $3.18 per lb.
* 1997: The then Folgers Coffee Co raised prices for Folgers coffee by a staggering 29 percent due to soaring green bean prices. This was followed by another price hike of nearly 10 percent a couple months later.
* May 18, 2010: J.M. Smucker Co (SJM.N) raised list prices for majority of its Folgers, Dunkin' Donuts, Millstone and Folgers Gourmet Selections coffees by about 4 percent.
* May 21: Kraft Foods KFT.N raises list price of some Maxwell House and Yuban roast and ground coffee by about 4 percent.
* June 11: Arabica coffee futures KCc1 trading on ICE begin to rally on heavy fund buying following about five months of sideways dealings between $1.2655 and $1.3985 per lb.
* Aug. 3: Smucker's raises prices of Folgers and other well known brands by average of 9 percent in biggest widespread rise in years.
* Aug. 6: Kraft becomes second major coffee roaster to hike prices, raising list prices on select Maxwell House and Yuban ground by more than 10 percent. Instant coffee prices were also raised.
* Sept. 22: Starbucks Corp (SBUX.O) said it may raise the price of packaged coffee and raise the cost for its large-sized and labor-intensive drinks due to surging prices in coffee and other commodities.
* Nov. 10: Arabica futures continue to soar well above $2 per lb and reach $2.1870, the highest since June 1997, as tight supplies of washed arabica beans are seen as the driving force behind the rally, in addition to speculators. This follows two years of significantly smaller-than-average crops in Colombia while supplies were also tight in Central America.
* Dec. 1: Starbucks CEO Howard Schultz blasts financial speculators for the "tragic" 50 percent surge in coffee futures.
* Dec. 9: Green Mountain Coffee Roasters Inc GMCR.0 gives weak first-quarter profit outlook, in part due to expected volatility in coffee costs.
* Dec. 15: Kraft raises prices of its roast and ground Maxwell House and Yuban coffees by about 12 percent.
* Dec. 31: Coffee futures finish 2010 up 77 percent at $2.4050 per lb, their strongest annual percentage increase in 16 years.
* Jan. 26, 2011: Starbucks says it expects rising coffee prices to hit profits more than previously thought but said it would not raise prices to cover the extra expense.
* Feb. 3: Spot arabica coffee futures KCc1 hit a 13-1/2-year high at $2.5360 per lb, up 85 percent from June 2010, when the rally began.
* Feb. 8: Smucker's raises its coffee prices by about 10 percent. (Compiled by Marcy Nicholson; Editing by Walter Bagley)