Coffee prices soared to hit a record high! Customer: I can't afford to drink anymore

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Recently, the Financial Times reported that as global coffee bean prices soar, Italians are anxious about the future of their cheap espresso.

It is reported that Italian coffee is the cheapest in Western Europe, with espresso costs about 1.2 euros (9.43 yuan) and a cappuccino about 1.5 euros (11.79 yuan) in the ubiquitous cafes in Italy.

The low price of coffee promotes people's strong habit of caffeine. According to estimates by the local consumer association Assoutenti, Italians and foreign tourists spend 6 billion cups of coffee in public places each year, generating an income of about 7 billion euros.

But global coffee supply disruptions caused by climate change could force Italians to pay up to 2 euros (15.71 yuan) a day for a cup of coffee. The price may still be cheap for coffee consumers in other countries, but it is shocking for the Romans.

Assoutenti points out that the price of Italian espresso has risen by about 15 per cent since 2021 as baristas face soaring energy costs and other pressures.

The agency said further increases in prices in local cafes would threaten "the daily rituals of millions of citizens", forcing those who bought coffee machines during the outbreak to choose to drink coffee at home. "if coffee prices rise further, some people may give up drinking espresso altogether."

However, global coffee prices have recently soared to an all-time high due to bad weather in the world's major coffee-growing areas. This week, high-end Arabica coffee futures in New York climbed to $2.49 a pound, while London Robusta coffee futures rose to $5000 a tonne, double the price a year ago.

In addition, the coffee supply chain is facing disruption as Houthi militants attacked ships in the Red Sea. Since November, ships commuting between Asia and Europe have been forced to detour the Cape of good Hope instead of passing through the Suez Canal.

Various factors have forced the roasters to raise the price of coffee beans. In July, the chairman of Lavazza said in an interview with the Financial Times that there could be further increases in coffee prices. The chief executive of Illycaff è issued the same warning at a large public forum last month.

Although a further rise in coffee prices is inevitable, Assoutenti believes that for Italian cafes, "the cost of producing a cup of coffee is much lower than the price, and the profit margin continues".

However, this view has been opposed by people in the coffee industry. The president of the Federation of Public institutions, which represents about 132000 cafes in Italy, believes that traditional Italian cafes can survive only if they are family-run, have no staff and do not have high rents.

Historically, Rome has regulated the price of espresso. Now, although there is no price control, local consumers have become accustomed to cheap coffee as a daily necessity. So when they realize the importance of the product, it is not easy for coffee shops to raise prices.

The president of the federation said some coffee shops may charge higher fees for elaborate drinks and snacks such as cappuccinos, but they still face social pressure to maintain the price of cheap coffee.

An operator who inherited the coffee shop his father opened 70 years ago said he now sells espresso at 1 euro per cup, compared with 0.9 euros per cup before. The coffee shopkeeper said that if the price of raw materials continued to soar, he might raise the price of espresso by another 10%.

Picture from: Internet

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