Imminent price hikes are about to make coffee an item of luxury, as it is expected to increase by up to 20% in the near future.
Union for Working Consumers of Greece (EEKE) President Apostolos Raftopoulos told MEGA that “until October, there will be a continuous rise in cocoa and coffee prices.”
According to reports, the rise in operational costs such as wages and rent, as well as freight and insurance costs, due to transportation issues through the Suez Canal as a result of attacks by Houthi rebels, all play part in the rise in coffee prices.
Due to droughts in Vietnam, the price of Robusta coffee has increased by 67%, from $2,689/ton to $4,500/ton. The price of Arabica coffee has also skyrocketed to $2.50/pound, one of the highest prices it has seen in a decade.
As a result, in take-away coffee is estimated to cost as following:
Espresso: €2 – €2.20 (today), €2.40 – €2.60 (with the increase)
Cappuccino: €2.20 – €2.40 (today), €2.60 – €2.90 (with the increase)
Synthetic coffee options have been introduced as an alternative solution to the traditional beverage, which are significantly cheaper, made from a mixture of chickpeas (€0.84/100g) and barley (€0.65/100g). Instant coffee made from a mix of barley and bran (€2.70/100g) as well as other varieties made from a mix of beans and dates are also available.
Chocolate products have also fallen victim to price hikes of 10% to up to 30%, which are reportedly due to product shortages in chocolate and its derivatives (chocolate bars, croissants, pastries, ice cream, etc.). This has led producers to change the quantity of chocolate in various products and even go as far as removing the chocolate from snacks such as wafer products all together.
