
How much is your morning coffee going to cost you this year or next?
Likely a lot more than it did recently.
“The coffee market has a set up for all-time highs to be seen over the next crop cycle,” writes Shawn Hackett in the Hackett Money Flow Commodities Report, which focuses on agricultural products.
A record price of $3.11 a pound was set in March 1977, according to data from the Trading Economics website. That compares to $2.29 recently.
In other words, soon you’ll likely pay more than ever for a cappuccino or latte or, god forbid, an espresso.
What you need to do is either cut back on other expenses, earn more, or pray for a near-miracle. In the worst case scenario you could give up your cup of morning Joe, but somehow I doubt that would be possible for many.
That’s just a reality facing the world.
Global consumption for the 2023-24 season is estimated to be 170 million 60-kilogram bags. That’s higher than any year for at least 20 years. It’s up from 125 million bags during the 2005-06 growing season.
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