The recent drought in Brazil, a major producer of Arabica beans, is driving coffee prices in New York up, with potential hikes of up to $1 per cup. Arabica futures have soared to $4 per pound, double last year's prices, forcing local shop owners to raise prices amid already high inflation. Small coffee shops face difficulty competing with larger businesses that have fixed prices, while analysts predict the coffee crisis will persist into 2025, impacting the entire supply chain and consumer costs.
A lot of these high prices haven't hit the supply chain yet, meaning many coffee businesses will face substantial financial pressures as costs continue to rise.
We don't want to change the prices, but due to the coffee crisis and rising costs, we may have no choice but to raise them.
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