Price of coffee to skyrocket as weather hits global market!
Cost of arabica beans reached a near 50-year high this week while the price of robusta beans has also risen.
Wednesday December 11 2024, 8.41pm GMT, The Times
Yet anyone looking for a caffeine hit to help shake off any Christmas overindulgence could soon find themselves having to dig a bit deeper into their pocket.The wholesale price of arabica beans, the world’s most popular variety of coffee bean, reached a near 50-year high this week, having risen by more than 18 per cent this year. Robusta beans, which have traditionally been cheaper than arabica, are also seeing record price increases.Prices have surged on the back of weather concerns in major growing countries, such as Vietnam and Brazil.Vietnam, which is the world’s largest producer of the cheaper robusta bean, the key coffee-growing region suffered from dryness during the growing period and heavy rains arrive at the start of harvest.This caused a reduction in robusta production, driving up its price to near that of arabica. As a result, many coffee companies switched to the better quality arabica beans, driving up demand and therefore the price in that market as well.
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