BEIJING, July 24 (Xinhuanet) -- Bad news for latte lovers. Starbucks said Monday it would raise its U.S. prices for lattes, Frappuccinos and other freshly made drinks by nine cents.

    The Seattle-based coffee retailer blamed rising costs for dairy products, energy and fuel for the increase. It's Starbucks second price hike in less than a year.

    In a statement issued after markets closed for regular trading, Starbucks said the price hike will take effect July 31, bumping the cost of most drinks by about 3 percent.

    The cost of a 12-ounce "tall" latte currently ranges from 2.45 U.S. dollars to 3.15 dollars, depending on location, spokesman Brandon Borrman said. The increase will vary by drink and by market, but will average out to about nine cents a cup, Borrman said.

    The move comes a month after the coffee chain’s chief financial officer warned that it would be "very challenging" for Starbucks to meet the high end of its 2007 earnings forecast, due in part to rising dairy prices.

    The higher costs have also been a concern for investors, who have sent Starbucks’shares down more than 20 percent this year.

    Borrman said the increase will apply to coffees, lattes, frozen Frappuccinos and some tea-based drinks, including fruit and tea blends made behind the counters in all of its domestic company-operated stores.