The £5 coffee that tells a story of global economic turmoil
Summary
The price of coffee, such as a latte in London, has risen significantly due to many global economic factors. Weather problems in major coffee-growing countries have raised the cost of coffee beans, pushing prices to levels not seen in decades.Key Facts
- A latte in central London can cost close to £5, reflecting higher coffee prices.
- Starbucks' CEO described a $9 coffee experience in the US as "affordable," sparking debate.
- Coffee carts pay lower fees than shops but still face rising costs at every step.
- Coffee prices reveal wider global economic issues, including inflation, trade problems, climate change, and demand in China.
- Coffee farming dates back to 1895 with espresso’s invention in Italy.
- Arabica beans are hand-picked in countries like Brazil, Ethiopia, and Kenya; robusta beans are mostly machine-harvested in Vietnam.
- Climate events like droughts, typhoons, and frosts have caused coffee prices to rise sharply in recent years.
- Arabica prices peaked above $4 per pound in 2023, up from about $1.20 historically; robusta prices also surged.
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