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Sunday 22.04.2018 | Name days: Armanda, Armands
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Coffee price skyrockets 50 years high

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU , Melnā kafija Martins Cakste

Martins Cakste

Stock speculations have boosted coffee beans price 50 years high, thus the following months will see 12-15% coffee price spikes, SIA Melnā kafija (Black Coffee) General Director Mārtiņš Čakste says.

There are ongoing speculations at the coffee stock exchange. Last June coffee beans cost 1.34 dollars per pound or 453 grams, which was 1.47 lats per kilogram. This was followed by sharp gains that have not halted up to now. Currently, the price amounts to 264 cents per pound or 2.90 lats per kilogram. The world has seen nothing like that in the last 50 years, Cakste told business portal Nozare.lv.

There are no grounds for coffee to skyrocket, as there is balance between the output and the demand, he says, adding that speculators have flared up the price all through the year, resulting in traders noticing a drop in consumers purchasing power.

Demand is shrinking on the high prices, people start to assess how much coffee they can really afford on daily basis.

Producers operate with small stocks, without fixing the price too much in advance. Consequently, they depend a lot on bourse price fluctuations, which in turn triggers serious challenges for producers – we cannot warn stores in advance that we are going to raise prices in a month. Moreover, coffee is applied excise tax (one lat per kilogram) in Latvia unlike in the majority of the EU states. As a result there is a paradox one can buy coffee cheaper in the rest of Europe than in Latvia, Cakste explains.

Melnā kafija head points out they raised retail prices by 25% in late 2010 and they will have to do that again by 12-15% in the following months.

 

 


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  1. Renata says:

    Of course coffee is twice cheaper in Sweden Last time I was there I bought 20 kilos So keep away from latvian stores.

    Thumb up 0 Thumb down 0

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