Heard the really bad news? There's a looming coffee shortage
Coffee makes the world go round, or at least makes the morning a better morning. But how much would you pay for your morning – or afternoon – cuppa or cuppas?
The world price of coffee has surged 21.6 per cent this year to $3.65 a kilogram, according to IBISWorld, with climate change-related weather events affected key coffee-producing regions.
Brazil, our second biggest source for coffee products after Switzerland, is the world's largest coffee producer and accounts for about half of the world's supply. Drought and severe frost are estimated to have destroyed about 20 per cent of Brazil's coffee plants.
Importers are expecting supply issues by November, which means prices will rise.
If you're currently paying $4 for your coffee fix, expect to pay more. What's your pain threshold? Or when it comes to coffee, is the sky the limit? Do you have a home coffee machine or have you invested in one since lockdowns and working from home became the norm?