Is $7 too much for a latte?

Local coffee shop just raised their prices from 4.80 a latte to 7.50USD before tax, (16oz) and 4.00USD for a drip coffee. I know someone who works there and they aren’t roasting their own coffee beans, they get them from a local roaster. so it’s not like they NEED to charge that much. Plus they no longer sell 1 pound bags of beans, they cut it down to 12 ounce bags at the same price as a pound used to be. Found another coffee shop nearby that only charges $4ish a cup. For 16oz. So that’s who’s going be getting my business from now on.

Edit: I was under the impression a shop that roasts beans in house charged more for the “premium” of fresh coffee. But the main concern is how steep the jump was and how quickly it happened. I was just trying to see if this is a trend in the industry. I live in a small town so prices like this are unheard of unless you’re going to Starbucks. Also if you’re just going to say “don’t pay for it” let me offer the same advice and say: don’t comment

I live in a small town in the middle of nowhere USA, so despite the “ackshually” redditors insistance, this is extremely expensive in my area. I can think of 3 cafes off the top of my head that charge a fraction of the price, and probably use the same roaster.