It may be hard to believe based on how much you shelled out for your morning cup of joe, but the price of coffee has fallen to its lowest level in more than a decade.
The price of a pound of arabica coffee has dipped below $1 US this year on the world’s biggest commodities exchange in New York. That’s about half of what it was as recently as 2016.
The reasons are complex, but broadly they boil down to what is happening in Brazil, the world’s largest producer of coffee beans. Brazil’s coffee farmers produced almost 70 million bags of coffee last year — nearly 40 per cent of the world’s supply.