and Nestle are passing on the pain of rising coffee bean prices, and reduced supply compared to demand, to its consumers, and the outlook for the rest of the year doesn’t look good. With coffee bean prices at $2-$3 per pound and rising, the Arabica coffee industry is creating a dent in the consumer’s pocket book.
Flooding, due to increased rain, a decrease in crop and high fertilizer prices are increasing the price of the beans, and the belief in recovery is not high. The Institute of Meteorology and Environmental Studies said on its website that “Antioquia, Colombia’s largest coffee-growing province will get more rain today and tomorrow.”
The International Coffee Organization
said consumption of coffee rose globally last year by 2.4 percent at 134 million bags. CEO of the Colombian National Coffee Growers Federation, Luis Munoz, said, “The final consumer is realizing that you have to pay a bit more for those little enjoyments.”