The International Coffee Organization said prices of coffee has hit an all-time, 13-year high last month at $2.27 per pound.
The Italian coffee maker, Lavazza, said prices aren’t likely to drop any time soon. “We have never seen such a spike in price as the trend right now,” said Giuseppe Lavazza, chairman of the Lavazza Group. “The coffee supply chain is dramatically under pressure…Coffee prices are not going down…[they’re] going to stay very high.
Contributing factors of the rise in prices are; high temperatures and unfavorable weather conditions affecting crops, poor harvests in Brazil, Vietnam and Colombia, the war in Ukraine and shipping disruptions and conflict in the Middle East/Red Sea.
By - FZ
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