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Coffee prices are set to rise after an exceptionally poor harvest year in both Colombia and Brazil, the world’s leading coffee producers.
Coffee prices rose in New York for the first time in three sessions, Bloomberg reported Tuesday.
Last year’s harvest was the worst since 1974, due to bad weather, and the International Coffee Organization (ICO) predicts that the coffee crop for next crop year, beginning September 30, could fall short of the 9.5 million bags predicted.
“Premiums are bound to increase,” ICO Executive Director Nestor Osorio told Bloomberg on Friday. “There is no coffee at present.”
This shortage drove prices up 22% in the last year.
