Coffee Prices On The Rise

Just like most everything else, the price of coffee is going up.

From Fox Business:

After hovering for years near $1 per pound, coffee futures — the price large-volume buyers agree to pay for coffee upon delivery months down the road — doubled in late July, reaching heights not seen since 2014. Though prices have eased a bit, they remain elevated at about $1.90 per pound.

A sustained drought followed by two July frosts blew a hole in Brazil’s coffee output, immediately sending wholesale prices for the popular Arabica bean to more than $2 per pound. The frost will significantly affect the 2022-23 harvest, said Carlos Mera, who analyzes the coffee markets at Rabobank.

COVID-19 and supply chain issues are also responsible for the price increases. So, if you see a deal like we did on Peet’s coffee, grab an extra bag. Coffee prices may not go back to normal for at least a year, maybe more.