Coffee is something that gets us through the daily grind — the late nights and the early mornings.
Americans enjoy their coffee and individually spend about $1,092 on coffee each year, according to Accounting Principals’ latest Workonomix survey.
On top of that, about 54 percent of Americans over the age of 18 drink coffee daily, according to www.statisticbrain.com.
Evidently, there is a high demand for the coffee beans that create the caffeinated-magic found in our cups.
As a young non-sleeping college student, I am an advocate of all coffee-drinking.
Naturally, I take a liking to places like Starbucks but I’ve been guilty of complaining about the high prices.
At Starbucks, a 16 oz. cup of coffee, also known as a grande, costs $1.95 before tax. Think it’s ridiculous to pay $2 for a simple cup of joe? Think again. In the near future, coffee prices could increase, as NPR’s Dan Charles explains in his blog.
“Wholesale coffee prices are up more than 60 percent since January — from $1.25 per pound of bulk coffee arabica beans to $1.85 this week,” Charles said.
As it turns out, the coffee prices are only expected to rise because of a decline in Brazil’s coffee supply and the high demand for coffee.
Brazil is one of the world’s largest exporters in arabica coffee beans.
The decline is due to a plant disease known as leaf rust, along with Brazil’s long-standing drought, which is affecting the arabica coffee plants grown in Brazil, according to Charles’ NPR blog.
Unfortunately for millions of American coffee drinkers, their favorite milky sweet espresso-shot beverages may become too expensive for their tight budgets, as www.247wallst.com’s Douglas A. McIntyre explains.
“Milk and sugar prices are also higher, and eventually this confluence will translate into higher prices for your favorite coffee beverage, whether a single shot of espresso or a venti double latte with extra whipped cream,” McIntyre said.
A morning cup of coffee from Starbucks every week day, averaging about $2 for a 16 oz. cup, could cost up to more than $40 a month or, $480 a year.
The average American coffee drinker consumes about three 8 oz. cups daily, according to San Diego State University’s blog.
Although the price of coffee is rising, brewing coffee at home could save money.
Most people can find a 27.8 oz. can of Folger’s coffee at their local Walmart around the price of $8, which can produce about 240 6 oz. cups, according to www.walmart.com.
With the decline in coffee supply from Brazil and the rising prices, Americans should learn to treat their coffee as a luxury and not as a daily necessity — kind of like cake or pie.
Perhaps buying the everyday venti caramel macchiato should be reserved for more special occasions. Regardless, enjoy your coffee in moderation while it lasts.
Buy it in bulk amounts and brew it at home to save money and hope we never run out.