WILKES-BARRE, LUZERNE COUNTY (WBRE/WYOU)— You could be reaching a little deeper into your pockets for your favorite cup of joe.
That’s because of a major coffee price spike is happening across the globe, according to recent data from the intercontinental exchange.
The cost of coffee is up around two dollars a pound from last year. The owners at Abide Coffeehouse in Wilkes-Barre say they expect to see the effects in the coming weeks.
Bubbling brew can be heard throughout Abide Coffeehouse in downtown Wilkes-Barre.
The shop serves a variety of caffeinated drinks, some of which could cost the store more money in the coming weeks, as the price of coffee continues to rise across the globe.
“So far we’ve been lucky where the prices haven’t gone up yet, but we did talk to our roaster who is local, and he tells us that within the next two to three weeks, he expects the price to start hitting us as well,” said Austin Shission, Co-owner, Abide Coffeehouse.
Abide Coffeehouse Co-owner Austin Shission says they curate their coffee from a number of places, including South America and Asia.
Both regions have experienced severe weather over the past few months, something experts say drives up prices.
“In terms of weather, Brazil and Vietnam are two of the largest coffee producers in the world, and they’ve both had lots of droughts, as well as lots of flooding, so sort of weather at both ends of the spectrum and so their production is down,” explained Dr. Andrew Miller, Professor, Wilkes University.
Dr. Andrew Miller is a political science professor at Wilkes University. He studies the politics and economics of the coffee industry and ecotourism in Latin America. In addition to weather, Dr. Miller says an increase in demand and diseased crops in Latin America has also contributed to the current cost of coffee.
Here at home, Abide Coffeehouse plans to keep prices on drinks the same for as long as they can.
“So we are gonna work to absorb these prices as long as possible for as much as we can, but if it gets too high we are gonna have to slightly increase costs,” stated Shission.
Prices will likely remain high in the coming months.
