Coffee prices to continue rising, warns Lavazza

By: Trademagazin editor Date: 2024. 07. 11. 09:00

Italian coffee company Lavazza has warned that coffee prices will keep rising until the middle of next year as the industry continues to face “very challenging headwinds”.

Vice chairman Guiseppe Lavazza admitted to being “wrong” after he forecast last year that prices would likely begin to fall this year, The Independent reported.

He said that prices have soared to a record 15-year high due to a mixture of supply chain disruption, geopolitical disruption and poor harvests.

Lavazza said that the brand has “never seen such a spike in price as the trend right now” with prices reaching a high of £3,356 a tonne earlier this week.

As a result, consumers have seen 1kg bags of beans rise by 15% in a year, however Lavazza said this could rise by 20% to 25% over the year.

He added: “We have faced very, very strong headwinds. I don’t see any reason why coffee prices will go down.”

It comes as last year, some Co-op and M&S stores were found to have placed a reduced level of high-value products, including coffee on shelves, instead displaying ‘dummy’ products.

Each empty product included a sticker which read: “This product is a dummy. Not For Sale. Please ask a member of staff for help.”

Grocery Gazette