International Coffee Day. And there’s little doubt that America’s love for coffee has had an impact on coffee prices.
According to the Bureau of Labour Statistics, which publishes consumer price index (CPI) data, coffee prices have been falling since 2012.
But they’re up 38% in the last decade. This compares to just 14% for other beverage materials.
From the BLS:
The decline in coffee prices in 2012 and 2013 follows a sharp increase in prices in 2011. The CPI for coffee was 21 per cent higher in January 2012 than in January 2010. Despite the recent price declines, the CPI for coffee was 38 per cent higher in August 2013 than it had been 10 years earlier.
Prices for roasted coffee generally have increased more rapidly over the past decade than prices for instant and freeze dried coffee. The CPI for roasted coffee was 41 per cent higher in August 2013 than in August 2003. By comparison, the CPI for instant and freeze dried coffee increased 23 per cent over the same time period.
If coffee is not your cup of tea, you may be interested to know that prices for other beverage materials, including tea, increased 14 per cent from August 2003 to August 2013.