Sunday 2 April 2023

Expect the price of coffee to continue to rise, experts say

Most coffee produced in Costa Rica is exported; UNA economists expect the price of coffee to continue upwards

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01 April 2023 - At The Banks - BCCR

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QCOSTARICA – Economists from the Universidad Nacional (UNA) – National University – anticipate that the final cost of coffee will continue to rise in Costa Rica in the coming months, despite the fact that it is a product that is harvested in Costa Rica.

Specialists affirm that the price offered in coffee exports has an impact on the price established for the local market.

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According to the Consumer Price Index (CPI), coffee had an interannual variation of 50.14%, being one of the highest for the bean, which records a full year with an upward trend.

Rafael Díaz, an economist at the International Center for Economic Policy of the UNA, stated that the coffee value chain has been impacted by international conflicts, such as the Russia and Ukraine war and its impact on international trade.

Díaz pointed out that businesses such as cafeterias, sodas and restaurants have had to lower the quality of the product they usually buy to keep from increasing prices and see their margins lowered.

According to the regulations of the Instituto del Café de Costa Rica (Icafé) – Coffee Institute of Costa Rica  – at least 12% of what is produced must be consumed internally.

What makes Costa Rica coffee so special?

Chris Sands writes at tastingtrable.com that trying to explain what’s special about coffee in Costa Rica is a difficult endeavor, where nearly everything about the country’s coffee production is notably unique, from its high altitude farms blessed by heavy rainfall and fertile volcanic soils, to its multiple yearly harvests, pioneering processing methods, and artisanal café culture.

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