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11 July 2024 | 16:01
Coffee prices hit 15-year high and continue to surge
Tengrinews.kz - Coffee prices on the global market have reached a 15-year high and are expected to keep rising, according to Morning Brew and The Guardian.
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Tengrinews.kz - Coffee prices on the global market have reached a 15-year high and are expected to keep rising, according to Morning Brew and The Guardian.
Giuseppe Lavazza, head of the Italian coffee company Lavazza, stated that coffee prices have hit record levels and are projected to remain high until mid-2025. Currently, coffee is priced at $4,300 per ton (about 2 million tenge), marking the highest point in the past 15 years.
"We have never seen such a spike in price as the trend right now. Coffee prices are not going down … [they’re] going to stay very high," said Lavazza in a recent interview.
He admitted to having misjudged his predictions from last year, when he anticipated a price drop in 2024. The current reality includes supply chain issues, deteriorating harvest conditions in key coffee-producing countries, and geopolitical conflicts in the Middle East, which are all contributing to the continued rise in prices.
Key factors driving the price increase include worsening harvest conditions in major coffee-producing countries such as Brazil, Vietnam, and Colombia. Adverse weather conditions, including droughts and unstable rainfall, have led to a significant reduction in coffee yields. Additionally, the ongoing conflict in the Middle East has caused supply disruptions and complicated logistics.
According to Morning Brew, these challenges have caused the price of Arabica coffee on the global market to increase by 30 percent since the beginning of the year, while Robusta coffee prices have surged by 65 percent over the past year.
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