December 10th 2024.
Coffee lovers around the world may soon have to shell out more money for their beloved beverage, as the price of coffee beans is skyrocketing on the global market. According to the BBC, the cost for the most popular type of bean, Arabica, has risen by 80% this year, reaching $3.44 for just 1 pound. And it's not just Arabica that's facing a price surge - in September, the cost of Robusta beans hit an all-time high.
Experts in the coffee industry predict that this trend will continue, as the world's top producers, Brazil and Vietnam, have been hit by unfavorable weather conditions that have affected their harvests. Brazil, known for its production of Arabica beans, experienced its worst drought in 70 years, followed by heavy rainfall in October. Meanwhile, Vietnam, the leading producer of Robusta beans, also faced challenges due to drought and heavy rainfall this year.
As a result, many coffee companies are considering raising their prices in the new year. Vinh Nguyen, the chief executive of Tuan Loc Commodities, explains that they can no longer absorb the increased costs and that many brands are thinking of implementing price hikes in the first quarter of 2025. This could mean that coffee lovers may soon have to pay more for their daily cup of joe.
The rising cost of coffee has also led to a change in consumer behavior, with more people turning to service stations and convenience stores for their caffeine fix. According to recent data, 7-Eleven has seen a significant increase in coffee sales, with comparable retailers like Reddy Express, formerly Coles Express, also experiencing a similar trend. This is likely due to the lower prices offered at these locations, with a cup of coffee starting at just $2, which can result in over $1000 in savings for those who purchase coffee daily.
If you're a coffee lover, it may be time to start budgeting for a potential increase in the price of your favorite brew. But don't worry, you can still get all the latest news, sports, politics, and weather updates with the 9News app, available for download on the Apple App Store and Google Play. Stay informed and never miss a beat with notifications sent straight to your phone.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
