World: Coffee drinkers face price rises as beans hit record high on markets

Your morning coffee could become even pricier in the new year after the cost of coffee beans on international commodity markets soared to a record high. The price for arabica beans, the world’s most popular variety, topped $3.44 a pound on Tuesday, having risen more than 80 per cent this year. Meanwhile, the cost of cheaper robusta beans, used in instant coffee, has almost doubled this year, with the price touching $5,694 a metric tonne in late November. The price pressure follows predictions of smaller harvests this year after the world’s largest producers, Brazil and Vietnam, were hit by bad weather. The squeeze comes at a time when consumer demand for cups of coffee continues to grow. Last month, Nestlé, which owns leading brands including Nescafé and Nespresso, said it would continue to increase prices and shrink pack sizes in an attempt to offset higher bean prices. The price of Nescafé Original instant coffee is up 15 per cent year on year in UK supermarkets, according to ...