Joe Biden alone has already caused the price of everyday staples to soar, but there are other pressures also forcing an increased burden to fall on all Americans.
Thanks to those external pressures, this month, yet another staple food item has soared to prices that won’t come down any time soon.
Coffee is absolutely essential for millions, and many Americans claim they can’t get their day in gear if they don’t have a jolting cup of Joe, and they don’t mean Biden.
But there will soon be more financial pain going forward with your morning cup. Get ready to see your coffee prices given a jolt as supply problems, hoarding, and contract defaults are tearing through the coffee producing industry worldwide causing prices to soar. This is only adding to the skyrocketing costs of breakfast, which is at its highest point since 1979 as it is. And experts say those higher prices won’t go away any time soon, if ever.
The cost of robusta coffee beans soared more than 30 percent early in April and 50 percent now as a heat wave has settled in over Vietnam in one of the world’s top coffee growing regions, according to Bloomberg.
The price jump for robusta has also put pressure on arabica coffee, causing arabica futures to rise more than 3 percent, surpassing the $2-per pound mark for the first time since December, the outlet added.
“Weather conditions are not encouraging,” representatives of London-based importer DRWakefield said this week. “There are still concerns over a possible water shortage for irrigation, which may hurt the output of the next season.”
About 40 percent of the world’s coffee supply is made up of robusta beans whereas the arabica bean is the source of around 60 percent, according to Nespresso.
Analysts also say that some of the rise in prices of these two beans is due to buyers letting their stocks dwindle over past price hikes, but who are now panic buying for fear that crops will dry up on them.
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In a more recent follow-up report, Bloomberg added that analysts and sellers are saying they have no idea if the prices will come down.
“We can’t tell when prices will peak,” said Tran Thi Lan Anh, deputy director of Vietnamese export company Vinh Hiep Co.
“We don’t have water for our farms,” said Vietnamese coffee bean farmer Nguyen The Hue. “If the drought persists, we won’t have lots of new beans to sell in the new season.”
The pressure is in full swing. Already, farmers and producers have reneged on coffee contracts as growers have been unable to fulfill contracts for upwards to 200,000 tons of beans, or about 13 percent of the expected harvest.
These failures will soon cause prices of coffee to skyrocket for consumers, Bloomberg warns.
Add this pressure to the rising prices already seen in most other food staples and it all adds up to a huge burden on Americans.
The price of eggs have been fluctuating wildly, for instance, after millions of laying hens had to be destroyed due to infections with the deadly bird flu. Millions of chickens have had to be destroyed this year thanks to the disease.
Bird flu is a growing threat to the American food supply outside of the poultry industry, too.
Farmers and ranchers are also worried because the bird flu has jumped to cattle and dairy herds, threatening dairy and meat producers.
H5N1 bird flu found at 4 more dairy farms, including 2 in Michigan, 1 in Texas and 1 in New Mexico, taking the total to 28 pic.twitter.com/SfzHQMIkYS
— BNO News (@BNOFeed) April 12, 2024
These pressures, along with the grueling effects of Bidenflation and Bidenomics, are causing Americans to put more of their income to just daily survival than they have had to for decades.
And it’s only going to get worse, especially if Biden is reelected in November.
