Global coffee prices hit an almost 50-year high

Global coffee prices are soaring. One of the main reasons is difficult weather conditions. The New York Times writes that in recent years, persistent droughts and floods have reduced the world's coffee supply, which often caused sharp increases in prices. At the same time, global demand for coffee continues to grow, and coffee lovers are reducing their consumption. In December, prices in one market hit a nearly 50-year high. Although prices may fall, Taleon Tremain, CEO and co-founder of California-based Pachamama Coffee, says that instability threatens the sustainability of businesses like his and the income of farmers. "Over time, we will see much higher prices," Tremain said. "Supply is not meeting demand." Since the beginning of November alone, the wholesale price of the bean has jumped more than 30%. Futures prices for Arabica beans rose to more than $3.30 a pound in mid-December, breaking a 47-year-old record. According to Kevon Rini, an associate professor at Rutgers ...