Thursday, March 3, 2011
However it was reported that the prolonged rains have affected the production of coffee plants situated in Brazil and Colombia, two countries that are major exporters of coffee prompting them to raise global prices which have never happened in the last 14 years.
For the Philippines, prices of coffee have already started to rise by 3 to 5 percent according to one representative from the Philippine Coffee Board and warned us that we should brace ourselves from a continuous trend of price increase if the current weather situation affecting Brazil and Colombia does not change.
This is not good news to entrepreneurs in the Philippines since coffee consumption is at an increasing rate of 3 percent a year, costs on the other hand is also increasing. Thus they have no choice but to pass it on to consumers. Starbucks for one already increased their coffee prices by 10 pesos, good thing I don't get to drink coffee that much (Starbucks that is) and just get contented with the free coffee that we have in the office.