The price of coffee is soaring, hitting a new 10-year high this week.
Coffee prices have nearly doubled since this time last year. One major reason is because drought – followed by frost and extreme weather – hit hard in Brazil, the world’s largest coffee producer.
However, Colombia’s coffee – which grows at a higher altitude and is of a different variety than Brazil’s – was spared. The results? Good business for Colombia’s coffee producers. Colombian coffee farmers have benefitted from higher prices, and especially with customers buying directly from farmers and cutting out the middlemen – a trend that has been growing since the start of the pandemic.
Thus, independent farmers are being paid more for their product. But that means higher prices for retailers and for consumers. If you notice your morning cup of coffee is costing a bit more, you’re not alone. In particular, Starbucks has been steadily raising prices and plans to raise them again later this year.Most Read
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