Bad news for caffeine addicts: your cup of coffee could turn out to be much more expensive due to an increase in the price of production in recent years.
• Also read: Drinking coffee could be more than a morning pick-me-up, new study suggests
“Coffee has never been so expensive,” declared Pierre-Olivier Zappa from the outset during his economic column on the show The Balance Sheet.
Over the past four years, the price has increased by 23%. “It’s significant,” said the host of TVA Nouvelles 22h.
Prices have nevertheless remained relatively stable since the start of the year for coffee seeds and capsules. At McDonald’s, for example, brewed coffee worth $1.25 for a medium size has never been so inexpensive in the last ten years.
Tim Hortons also offers it at a reasonable cost of $1.93. Other chains, however, sell it at a higher price, such as Starbucks at $2.95 for a dark roast coffee.
However, the quality remains different depending on the company.
Photo Adobe Stock
What explains this increase?
In Brazil and Vietnam, the two largest coffee producers in the world, weather conditions are not favorable for harvests.
Vietnam is also experiencing its worst period of drought in 70 years. Tons of robusta coffee beans have been rendered unrecoverable in the fresh waters of the Mekong, according to UNICEF. This would have caused prices to rise for almost 50 years, the International Coffee Organization said.
One study even estimates that around half of the regions where the most coffee beans are harvested today will no longer be viable by 2050 due to climate change.
Zappa said producers are being strongly urged to modernize their farms and find new types of coffee. Other parts of the world could become more favorable for producing it in the coming years, according to the Los Angeles Times.
To see the full column, click on the video above.
