Global: Coffee prices continue to conquer 47-year peak

According to Business & Business According to Bloomberg, the price of arabica coffee, the bean favored in specialty coffee lines, has increased by 3.9%, reaching the highest level since 1977 and is now up nearly 70% this year. Severe drought in Brazil earlier this year raised concerns about the country's output. Meanwhile, the main coffee growing region in Vietnam also faced prolonged dry conditions during the cultivation period, along with heavy rains appearing just as the harvest began. Brazil and Vietnam are the two largest coffee producers in the world, with Brazil focusing on high-end arabica beans and Vietnam dominating the cheaper robusta market. The price increase is putting more pressure on cafes and roasters, increasing costs for consumers. Suppliers in the supply chain have raised prices and cut discounts to protect profit margins. Nestlé SA, the world's largest coffee maker, said in November that it would raise product prices and reduce packaging sizes to mitigate the ...