Sorry coffee lovers, but the cost of coffee is on the rise, and it doesn’t seem to be slowing down.
According to the International Coffee Organization, the prices have been steadily climbing since January, and experts believe more increases are on the way, in part due to climate change.
Brazil— considered one of the world’s largest coffee bean exporters— underwent extreme weather conditions this summer, including snowfall for the first time in years and the intense frost severely impacted its crops this season. The shortage in bean growth has since led the country to raise its prices on coffee beans being exported. And it is not just Brazil, other countries are also experiencing similar problems due to the extreme shifts in weather.
If you are not worried yet, you soon will be because experts predict that prices will double sooner than later.
As always, supply and demand govern prices in a free market. And that’s happening now. And since coffee is such a large part of most of our everyday lives, it would take a lot to change consumer’s coffee habits.
For those on a budget, it may be time to buy a new coffee machine and even a travel mug instead of taking a trip to your local coffee shop.
