Uh oh! Remember a few months ago when the price of rice hit the stratosphere? Looks like its time to stock up on Java (and I don't mean the software kind!)Lovers of Colombian coffee could face a hike in the cost of their daily caffeine fix as poor crops and strong demand turn the heat up on price... Kraft, owner of the Maxwell House coffee brands, raised retail prices on its Colombian blend by almost 19 per cent last month due to the rising prices of Colombian coffee beans. Nestlé declined to comment on whether it has been raising prices on Nescafé.So, you can't have your coffee and sweeten it too? This week in the Capital Region both Price Chopper and Rite-Aid have the large cannisters of Maxwell House coffee on sale for $6.99. Methinks it's time to stock up!
Separately, raw and white sugar prices in New York and London rose last week to their highest in almost three years. (More on that in a moment!)
“We are in a dangerous situation,” Andrea Illy, chief executive of Italy’s leading coffee company, told the Financial Times, warning that prices could “explode” due to supply shortages.Aside from your cup of Joe, sugar prices are also heading upwards as traders predict India - the world's largest consumer - is going to need to order sizeable imports to compensate for a poor local crop. Sugar is trading at its highest level in almost three years amid forecasts that the country's output will fall 40 per cent to about 15 million tons in the 2008-09 season, far below its consumption levels of approx. 23 million tons a year.
Tags: coffee prices, Colombian Coffee
0 comments:
Post a Comment