Bidenflation: Prices for One of America’s Favorite Drinks Explode to 10-Year Highs That Could Last for Years

Coffee prices soared to a 10-year high on Monday, with experts projecting the high costs to last well into 2023, CNBC reported.

Coffee contracts for December hit $2.34 per pound at the end of Monday’s trading day, CNBC reported. Coffee futures on the New York Intercontinental Exchange soared to $2.46 on Thursday, recording the highest price since 2011.

Additionally, the International Coffee Association’s benchmark price reached $2.07 per pound Friday, surging 85% from the same date in 2020, according to CNBC.

Over the last 12 months, conditions created a “perfect storm” to drive up the price of coffee beans, especially poor weather in prominent growing regions, Ole Hansen, head of commodity strategy at Saxo Bank, told CNBC.

“The question for future price action is how much of these developments are potentially longer-lasting,” Hansen said. “I think we need to focus on what’s been unfolding in Brazil this year, where we’ve had a generational low in temperatures, a very quick spell of frost which hit some of the growing areas, and we’ve had a period of drought — this has left the 2022 crop in a bit of a precarious state,” he said. (Read more from “Bidenflation: Prices for One of America’s Favorite Drinks Explode to 10-Year Highs That Could Last for Years” HERE)

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