A significant rise in coffee prices is imminent for New Yorkers, driven by a severe drought in Brazil, which is a key supplier of Arabica beans. This drought has led to a drastic increase in the cost of coffee futures, doubling the price in just one year. As coffee shops in the city face rising costs, many are preparing to increase their prices, making morning coffee even more expensive for consumers.
• Arabica futures hit a historic high of $4 per pound, impacting local coffee prices.
• Many coffee shops, like Porto Rico Importing Co., have already raised prices and expect further increases.
• Customers may see price hikes of 10% to 25% in the coming months, affecting their daily coffee routines.
• Smaller businesses struggle to compete with larger chains that have secured better pricing.
This situation is critical as it reflects broader economic challenges, including inflation and supply chain issues. Coffee lovers may soon find their daily caffeine fix becoming a luxury, highlighting the impact of global events on local economies.
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