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Coffee hits record prices, it is expected to become even more expensive

2024-08-23 15:50:00, Kosova & Bota CNA

Coffee prices have hit record highs in recent months, largely due to volatile weather in producing countries such as Brazil and Vietnam, which are causing significant supply shortages and rising costs for consumers around the world.

In the United Kingdom, where one billion pounds (€1.170 billion) of coffee was imported in 2023, the impact of these price increases has been felt strongly. The same has happened in all other countries of the world, where in recent months there has been an increase in the price of coffee for the same reasons.

According to Gareth Redmond-King, International Program Director at the Energy and Climate Intelligence Unit (ECIU), climate change is a key driver of rising coffee prices. With 97% of coffee produced globally coming from countries affected by climate impacts, extreme weather movements are massively endangering food crops and leading to supply disruptions. Brazil and Vietnam, which supply more than half of all imported coffee beans to most Western countries, have been hit hard by bad weather conditions.

In response to rising prices, experts are calling for action to address the root causes of climate change and support farmers and food producers in adapting to global warming. Lack of action, they warn, will only lead to higher prices as supply falls and production becomes more difficult.

The impact of climate change on food prices is not limited to coffee. Recent ECIU analysis has shown that cocoa prices have also been boosted by a combination of the El Niño storm and climate change, affecting the world's biggest exporters such as Ivory Coast and Ghana. Other imported staple foods may also be affected by worsening climate change.

In the UK, the effects of climate change on food prices are already being felt by consumers. ECIU analysis has found that climate change added an average of £361 (€423) to household food bills in 2023 compared to 2021, highlighting the urgent need for action to address the root causes of climate change and support farmers and food producers to adapt to different conditions.

As coffee prices continue to rise and supply shortages persist, consumers around the world are faced with the demand to pay more for their morning coffee. Experts estimate that now is the time to act on climate change and support sustainable food production practices in order to ensure a stable and reasonable food supply for future generations.