Global coffee prices hit historic high

Coffee prices on the global market have reached a historic record, surpassing the $3.70 per pound mark. This sharp increase was driven by a number of factors, the key one being climate change.

Extreme weather conditions have had a significant impact on the cost of coffee. In Brazil, which produces around 40% of the world's harvest, the hottest summer in the past 70 years led to severe drought, reducing the crop by 20%. 

Vietnam, the second-largest producer, was also affected by a destructive typhoon. In addition, logistics issues and regional conflicts complicated coffee supplies, further contributing to rising prices.

In Europe, for example, coffee prices rose by 10% during the summer of 2024, and experts predict that this is not the last price increase in the current season.