(3 Minutes Read)
It comes as coffee traders expect crops to shrink after the world’s two largest producers, Brazil and Vietnam, were hit by bad weather and the drink’s popularity continues to grow
The price of coffee in international commodity markets has hit its highest level on record. On Tuesday, the price for Arabica beans, which account for most global production, topped USD 3.44 a pound (0.45kg), having jumped more than 80% this year. The cost of Robusta beans, meanwhile, hit a fresh high in September.
It comes as coffee traders expect crops to shrink after the world’s two largest producers, Brazil and Vietnam, were hit by bad weather and the drink’s popularity continues to grow.
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While in recent years major coffee roasters have been able to absorb price hikes to keep customers happy and maintain market share, it looks like that’s about to change. Italian coffee giant Lavazza said it had gone to great lengths to protect its market share and not pass on higher raw material costs to customers, but soaring coffee prices had eventually forced its hand
