Published on: 13:29PM Mar 29, 2011
I love coffee, it is the highlight of each morning, afternoon and yes I have been known to love a cup of decaf coffee after supper. My 3:30 p.m. coffee gets me through long days and knowing that a good cup of coffee awaits me each morning makes it much easier to get my feet on the floor. As a lover of all things coffee you can imagine my dismay when I heard that prices are going to continue to rise and soon we will all be able to feel the steam hit our pocket books.
The price of lb. of coffee hit $2.46 in February, the highest since 1997. The reason for the increase in price is the poor growing conditions in countries that grow coffee. Hawaii is the only state able to grow the bean and they are not able to meet the demands of American consumers. The majority of the coffee consumed in the United States is imported from places like Brazil, Mexico, Kenya and Columbia, so we are force to follow the ebbs and flows of the international market place.
Watch this video by the New York Times to have a better understanding of the production struggles in Columbia.
Prices have risen and will continue to rise according to an article published by CNN Money.
"Starbucks (SBUX, Fortune 500) has already increased prices. J.M. Smucker, which owns Dunkin' Donuts and Folgers, has also had to raise prices several times to cope with the rising bean prices. Earlier this month, Smucker said it would once again hike prices, by an average 10%," they reported.
I must admit that I was in Starbucks earlier this month for my vanilla late and noticed the increased prices, but it is hard to put a price on bliss so they have me right where they want me.
I don’t want to think about my world without coffee. Are you a Joe lover too? How much more money do you think they will be able to ask for a cup of coffee? Do you think that prices will continue to rise?