Coffee cost more expensive only in 2011, CNBC TV company notes.
The cost of coffee supplies has grown to the highest levels in the last 10 years. This was reported on Wednesday by CNBC with reference to data from the Intercontinental Exchange (ICE), based in the United States.
According to these data, the price of futures for coffee supplies in December was $2.34 per pound (0.45 kg) last Monday. Last Thursday, the price of coffee futures rose to $2.46 per pound.
This is the highest price for coffee in the last 10 years, CNBC states. Coffee was more expensive only in 2011 when prices for it rose above $ 3 per pound.
According to Ole Hansen, a specialist at Danish Saxo Bank, the rise in coffee prices was facilitated by “a perfect storm in the last 12 months.” In particular, according to him, the situation was aggravated by weather conditions in Brazil, where frosts and drought seriously affected the coffee harvest. In addition, logistical difficulties caused by the pandemic of the new coronavirus led to an increase in prices. The influence of these factors, according to the expert, will be felt for at least two years.