Kraft Foods announced on 23 August a 6 per cent wholesale price cut to their Maxwell House and Yuban brands of coffee, following a similar recent move by JM Smuckers. Kraft has raised its prices by more than 50 per cent over the last 15-month period, as the price of green coffee has reached historical highs. The company will cut about 20 cents off each pound of its roast and ground coffees, while also making instant coffee around 2 cents cheaper per ounce. JM Smuckers has recently cut the price of its Dunkin Donuts and Folders packages lines by 6 per cent, stating it was a result of the drop in coffee bean prices. Coffee prices had reached a record high of $2.31 a pound on average in April, according to the International Coffee Organisation's composite price, but have recently settled slightly, and were reported at $2.20 on the day of the announcement of the retail price cuts.