US retail coffee prices have posted the steepest year-on-year rise of this century, as tariffs on imports from Brazil, the world’s biggest producer, are poised to compound the effects of a global supply shortage.
Ground coffee hit a record $8.87 a pound at groceries in August, while a consumer price index for coffee rose 21 per cent year on year, the fastest pace since 1997, according to data published on Thursday by the US Bureau of Labor Statistics.
Global coffee markets have soared over the past year after poor harvests in major exporting countries drove down production.
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