Coffee Prices Increased 100% Year Over Year
Better get used to higher coffee prices...
Visiting the website tradingeconomics.com this morning, I'm pleased to report a significant drop in coffee futures, which hit an all-time-high of $4.30 on February 13. At time of writing, futures have dropped to $3.89 per pound, a slight reprieve.
Considering that a year ago at this time, coffee was at about $1.90 per pound, the price of coffee is now up by 100%. Dry conditions in Brazil continue to fuel high prices but worries are now setting in that these high prices might put a dent on consumer demand.
According to the International Coffee Organization (IOC), world exports of all forms coffee dropped by 13.3%. In January 2024, 12.488 million bags of coffee were sold compared to just 10.826 million bags for February…
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