The price of coffee has been rising since the start of the year, but recent reports say Arabica beans are at a seven-year high in price. Coffee lovers can expect to pay more for their preferred cup of coffee. The price has been impacted because of frost accumulation in Brazil sending future prices for the Arabica bean to about US1.80 a pound.
According to Statistics Canada, the average shopper pays about $7.57 for a pound of roasted coffee and about $15.85 for a pound of instant coffee in July. The increase in the price of the Arabic bean will be directly passed along to the consumer says Sylvain Charlebois, a professor in food distribution and policy. Charlebois explained, “We are expecting prices to remain quite high for the rest of the year.”
According to Charlebois, roughly 90 per cent of Canadians drink coffee, and the nation is ranked fifth in the world for per capita consumption in 2020. He added that with the pandemic more people have started to brew their own coffee instead of going to a cafe. Charlebois said, “Brewing your own coffee at home is 25 to 30 times cheaper than having a coffee at your favourite chain.”
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