Everyone, from desperate students to sleep-deprived workaholics, relies on coffee to keep our eyes open and our heads clear.
You might need to start paying almost 10% more for your daily cup of coffee, due to the climbing prices of coffee beans. Maybe it’s time to switch to tea?
Low Crop Yields and Supply Chain Disruptions
Major coffee bean producers in Brazil have been experiencing months of low crop yields, as the weather takes a turn for the worse.
With the demand for coffee beans likely to be rising as the world slowly opens up from the pandemic, this fall in supply of coffee beans is driving prices higher.
Additionally, with the Russia-Ukraine war, gas and electricity prices are also climbing upwards. This translates into higher costs of processing and transporting coffee beans, adding to the price increase of your coffee too.
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Diversifying Sources, Turning to Automation
Speaking to CNA, coffee manufacturers revealed that they’re only operating at 50% capacity, due to the lower crop yields.
Speaking about how to ease the price hikes, they’re looking into diversifying their sources, such as importing beans from Columbia or Indonesia.
Additionally, a manpower crunch also led to cafes turning to automation. Who knows, perhaps your coffee was prepared by a machine.
Industry insiders also revealed that due to the rising costs of gas and electricity, the overall cost of producing coffee is up by 250% to 300%.
With such soaring prices, passing off some of the cost to consumers is inevitable. Insiders estimate that the prices of coffee will increase by 8% to 10% soon.
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