Starting today (Tuesday, July 7) that venti latte you love is about to get a bit more expensive. Starbucks has announced its raising their prices slightly on most of their beverages.

The Seattle-based coffee giant, long known for their high prices, made the announcement today, saying the increase was necessary to pay for wages, store rents and other necessities.

The increase will be between 5 and 20 cents and the drinks affected will vary by region.

However, according to reports, most stores are expected to raise the prices on their tall (12-ounce) and venti (20-ounce) brewed coffee, as well as the grande (16-ounce) latte.

Bagged coffee and food items will not be affected by this increase.

This move comes as a bit of a surprise considering that raw coffee prices have dropped significantly in recent months, prompting some coffee sellers to drop prices.

According to The Wall Street Journal there has been a “decline of about 42% in Arabica futures prices from a peak late last year”.

As a result, companies like J.M. Smucker Co. have announced they will cut prices to consumers.

Starbucks, in a statement to reporters, said they have many other costs besides coffee, making this increase (about 1% for most customers) a must.

What do you think of Starbucks raising its prices?  Tell us if you agree with their decision below.