Bill Whitaker explained soaring coffee prices on last night’s CBS Evening News with Katie Couric [VIDEO]: Price of coffee heats up
All coffee beans are up in price — way up, actually — across the board. In 2000, popular Colombian mild cost $1.03 per pound. Over the next 10 years the price rose more than a dollar. In just the last year, it jumped almost a dollar more.
There are many reasons for the price hike for coffee: Wet weather damaged crops in Columbia and Indonesia; booming economies mean millions of Indians, Chinese and Brazilians now enjoy the coffee habit; and millions of investors are trying to profit off the rising market.
“The days of the 25-cent bottomless cup are long gone,” said Jay Lijewski, L.A. general manager of Intelligensia Coffee.
Intelligentsia Coffee wants customers to view good coffee like fine wine.
“I don’t expect it to ever be below $2.00 a pound,” Lijewski said.”It could potentially rise to 5 (dollars per pound) or more.”
That could have customers steaming.