The cost of a cup of coffee is set to drop from next year
Some welcome news for the coffee addicts amongst us.
The price of a cup of coffee is set to drop from the start of next year, according to one of the world's leading coffee roasters.
Coffee bean prices soared to their highest levels in over a decade last year, with coffee lovers facing increased prices globally.
However, in recent months the cost of wholesale arabica beans has begun to decrease, with these savings set to be passed on to consumers.
Despite the falling costs of beans, companies are still working through their 2022 supply of beans and also fighting rising packaging and energy expenses.
This means that price reductions for coffee drinkers will likely not be noticed until the beginning of 2024.
Italian coffee producers Luigi Lavazza SpA have spoken to this, stating;
"We bought a lot of coffee in 2022 and we still have this coffee in our stocks".
"We have to sell the coffee at the price we bought in 2022. In 2024, we'll have space to provide more discounts and have flexibility in pricing".
Coffee consumption has lagged in recent times owing to the cost-of-living crisis and the need for consumers to cut back on spending.
It is hoped that by passing on the falling costs from manufacturers to consumers, that consumption will once again start to increase.
"Currently the situation is still highly sensitive. The geopolitical context is extremely serious, markets are still volatile, balances are uncertain", the company's CEO Giuseppe Lavazza remarked.
The fall in the cost of beans has been attributed to a recovery in Brazil's coffee production and also the weakening of the US dollar which has seen inflationary pressures eased on South American roasters.
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