Muscat: Since the start of 2024, coffee prices have soared by 83%, surpassing the historic peak of 1975, when a devastating black frost ravaged Brazilian coffee plantations. The sharp rise has fueled fears that coffee, a daily staple for millions worldwide, could soon become a luxury item.
The price hike comes amid a global supply crunch driven by severe droughts in Brazil and Vietnam, the two largest coffee producers. This year’s drought in Brazil and similar conditions in Vietnam’s key coffee-growing regions have significantly disrupted production, raising alarm over supply shortages.
The surge in coffee prices is part of a broader trend in rising global food costs, which have increased by over 25% since 2020. Inflation, combined with supply-side shocks, has driven food prices in many categories to unprecedented levels.
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