Coffee prices highest in 34 years

CBS News ^

[Red in Blue PA]

Coffee prices have topped $3 a pound for the first time in more than 34 years.

A drop in supplies of high-grade arabica coffee beans and a growing taste for upmarket coffee among the middle classes of China, Brazil, Indonesia and India are blamed for the sharp rise.

Continuing weakness in the dollar has also kept many commodity markets soaring and encouraged a buy-up of arabica beans.

New York's July arabica contract hit $3.025 a pound on Wednesday, the highest since 1977. According to the Guardian, coffee futures inched lower to $2.94 on Thursday.

Coffee prices have more than doubled in the past seven months. Supplies are running low because heavy rain led to worse than expected harvests in Colombia, the second-largest producer of arabica beans after Brazil and also in Indonesia, Mexico and Vietnam. Colombia's supplies dipped to their lowest level in 33 years.

[Parmenio]

We can always switch to Postum.

[Lazlo in PA]

Good news. Looks like I will have to switch to scotch in the mornings to save money. Should make things go more smoothly.

[Cheryllynn]

So Starbucks is going to be upping prices......what $5 cup of coffee?

[Jim from C-Town]

Wow, those darn speculators at it again!

[digger48]

Looks like I will have to switch to scotch in the mornings to save money.

That sounds like my ex-wife!

When on a 2000 calorie diet, her daily calorie counter usually logged 20 entries of Miller Lite @ 97 calories per 12 oz serving.

[Utah Binger]

[Red in Blue PA]

[NormsRevenge]

THis really grinds me the wrong way, it makes me boil,, I’m frothing at the news

[Will88]

In the past couple of months, 10.5 ounces of my regional brand of coffee have gone from $2.67 to $3.09 to $3.49 to $3.98. All the similar size Maxwell House and Folgers packages seem to be $4.20 or so and higher now.

[AppyPappy]

That’s why I drink tea http://www.uptontea.com

[goodwithagun]

At the risk of highjacking the thread, the whole-grain bread we normally buy at Walmart for $2.50 is now $2.98. That happened in one week. I'm now experimenting with sourdough, which is not going so well. Diapers are supposed to go up 7% as well, so I've been couponing and stockpiling those. I've thought about cloth, but by the time I invest in them and then consider the laundry costs I don't know that they are worth it.

[TexasCajun]

I don't know about you guys, my coffee price stayed the same.

Yep, the same price, just sold it to me in a 12 oz bag.

[Glenn]

The columbian coffee I get has gone up $6.00 for 33 oz in the last 2 months.

[dennisw]

Forget coffee. If want much less expensive upper go buy guarana at your health food store. It has lots of caffeine and is in many energy drinks
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Dhpc&field-keywords=Guarana&x=20&y=14

http://cgi.ebay.com/1-OZ-Organic-Guarana-Seed-Paullinia-Cupana-Powder-Ounce-/280651864347?pt=LH_DefaultDomain_0&hash=item415827991b

[Will88]

That’s why I drink tea

Is the price of tea going up?

[AppyPappy]

Not really. There are a lot more tea sources.

[KarlInOhio]

Considering the price, the new slogan might be “The best part of waking up is crystal meth.”

[Will88]

A lot of prices are going up. And quite a few things went up around 2008 and never came back down at all, especially things lilke mayonnaise and anything made from vegetable oil, and the oils themselves and olive oil. Almost doubled in 2008 and 2009 and stayed there.

And, some things I think have some petroleum content: all pesticides and herbicides I use for fruit trees and gardening seemed to double or more in the same time frame as the vegetable oil based products.

[tet68]

“The best part of crystal meth is your teeth in your cup.”