Coffee prices soar to highest level in nearly 50 years
You may have to dig deeper for your next cup of coffee.
The price of coffee is soaring to the highest level in nearly half a century.
Staff are closely watching prices rise at Cafe Imports in Minneapolis.
The company imports coffee from around the world. They say the price hike can be blamed on bad weather in Vietnam and Brazil.
“What it means is people are going to be paying more for coffee,” Noah Namowicz with Cafe Imports said. “The cost of production for coffee growers has always been high and probably we’ve been paying too little for coffee, so this is a little bit of a recorrection.”
John Peterson, the owner of Yellowbird Coffee Bar in St. Paul, is monitoring the price hike.
“Makes me nervous,” Peterson said. “We might have to raise our prices again this year.”
Some experts even warn it could take years for the price to fall.