Coffee inflation follows cocoa...Coffee bean prices reach record highs

The price of coffee beans has reached an all-time high due to abnormal weather across the world. As with cocoa, drought and extreme heat caused by climate change have reduced harvests, raising concerns about supply shortages.
According to the Financial Times (FT) on the 3rd (local time), the futures price of Robusta coffee, an instant coffee bean, rose to 3.8 on the same day on the London International Futures Exchange.
Coffee bean prices have risen by more than 68% in the past 12 months. This price increase is due to a series of abnormal weather events that have led to poor coffee harvests.
The El Niño phenomenon in Southeast Asia has caused unseasonable weather such as high temperatures and drought.
The Antioquia and Huila regions are suffering from severe drought. Meanwhile, the demand for coffee continues to grow.
The expansion of the middle class has increased demand for coffee beans, fueling price increases. According to the Brazilian Coffee Exporters Association (CECAFE), Brazil's coffee exports to China in January and February increased 1.2% from the previous year.
This is a 2.6-fold increase from the same period last year, surpassing the United States (37% increase) and Japan (87% increase). Prices for agricultural products have soared this year, with cocoa selling for more than $10,000 per ton.
Olive oil prices hit an all-time high at the end of January, according to Bloomberg data, and have more than doubled in price in two months.