Keurig Green Mountain raising prices on its K-Cup coffee

NEW YORK (KTRK) -- Bad news for coffee lovers. If you use those K-Cups to brew your coffee, get ready to pay a good bit more.

Keurig Green Mountain tells CNN it plans to hike prices by 9% for the K-Cup packets used in its signature brewing system. It is also raising prices for other coffee products starting in November.

Coffee prices have soared 58% over the past 12 months. Coffee companies blame an ongoing drought in Brazil which dried up this year's harvest of coffee beans.

Starbucks, Folgers, J.M. Smucker and Dunkin' Donuts also recently raised coffee prices blaming the increases on the higher cost of coffee beans.