Joe Biden alone has already caused the price of everyday staples to soar, but there are other pressures also forcing an increased burden to fall on all Americans.
Thanks to those external pressures, this month, yet another staple food item has soared to prices that won’t come down any time soon.
Coffee is absolutely essential for millions, and many Americans claim they can’t get their day in gear if they don’t have a jolting cup of Joe, and they don’t mean Biden.
But there will soon be more financial pain going forward with your morning cup. Get ready to see your coffee prices given a jolt as supply problems, hoarding, and contract defaults are tearing through the coffee producing industry worldwide causing prices to soar. This is only adding to the skyrocketing costs of breakfast, which is at its highest point since 1979 as it is. And experts say those higher prices won’t go away any time soon, if ever.
The cost of robusta coffee beans soared more than 30 percent early in April and 50 percent now as a heat wave has settled in over Vietnam in one of the world’s top coffee growing regions, according to Bloomberg.
The price jump for robusta has also put pressure on arabica coffee, causing arabica futures to rise more than 3 percent, surpassing the $2-per pound mark for the first time since December, the outlet added.
“Weather conditions are not encouraging,” representatives of London-based importer DRWakefield said this week. “There are still concerns over a possible water shortage for irrigation, which may hurt the output of the next season.”
About 40 percent of the world’s coffee supply is made up of robusta beans whereas the arabica bean is the source of around 60 percent, according to Nespresso.
Hellbound and Down 