Forget Gasoline, What About Coffee
Everyone is complaining about gas prices, have you bought a pound of coffee lately.
Coffee prices are hitting a high not seen in the past 34 years. There are reports that wholesale coffee recently exceeded three dollars a pound for the first time since 1977. The trend is blamed on poor coffee bean crops in Columbia, Mexico, Indonesia and Vietnam. Increasing demand for higher quality coffee in China, Brazil, and India is also putting pressure on dwindling supplies of arabica coffee beans. Coffee prices have doubled in the past several months and there are reports that coffee supplies are not likely to increase anytime soon. JM Smucker has increased its Folgers coffee price three times in the past year and plans another price hike if wholesale costs stay high.