Beaucoup buck for beans – coffee prices climb
April 27th, 2011
10:15 AM ET
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Consumers got a jolt this week with news that the price of coffee was hovering near $3 a pound, the highest price in more than three decades, forcing many coffee houses to consider raising prices or cutting services.

Bad weather in the world's top coffee growing regions, a weak dollar and pressure from emerging coffee drinking markets is putting pressure on the industry, which saw coffee beans trading Tuesday at about $3 a pound - just below its peak of $3.22 a pound on Friday.

The last time coffee prices were higher was in 1977 after bad weather in Brazil, one of the world's leading coffee producers, destroyed more than half of the country's coffee crops.

"We've been hit hard for close to year now," said Martin Diedrich, owner of Kean Coffee houses in Southern California. "I can't always ask what I need to because I get push back from my guests, from my customers. So I have to take a margin hit."

Read - Say it ain't so for a cup o' joe: Price of coffee beans climb

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Filed under: Big Business • Business and Farming News • Coffee • News • Sip


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