-November 10,2022-
Is breakfast getting cheaper, a sign that inflation indeed, may be easing? Breakfast has to start with coffee and the price of coffee has been easing in a hurry both in the futures market and at your neighborhood store
Both Peet’s an Starbucks packages are on “sale” this week at about half the price they had been a month ago.
Coffee futures traded in the world market has plunged in the past month too.
Coffee futures that were above $2.60 a pound last Spring and $2.30 in September are down to $1.64 as of November 9- a decline of about 35%.
As of November 9,Arabica coffee futures fell to $1.64 per pound, touching the lowest in 15 months amid improving supply prospects and expectations of lower demand. World Weather said frequent rain and abundant sunshine had created a “pretty good environment” for Brazil’s 2023/24 coffee crop, raising expectations of a potential record crop in top producer Brazil next year. Also, better crops are expected in Central America, Mexico, and Colombia. At the same time, demand is set to decline amid slowing global growth.