Coffee market could see price relief in the next months: food economist
BNN Bloomberg
Relief may be brewing for Canada’s coffee industry grappling with the bitter effects of a global price surge.
Coffee prices have nearly doubled since 2020, largely driven by climate change and bad weather that has hurt crops in major coffee-producing countries.
Recent data from Statistics Canada shows the average retail price of coffee is up 30 per cent year over year.
But some experts suggest prices could improve later this year. Brazil, the world’s largest coffee producer, is forecasting a record crop this upcoming season.
Mike von Massow, food economist at the University of Guelph, says global coffee production is estimated to increase by four per cent.
“Over the next few months, we should start seeing some price relief in the coffee market,” he said.
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