World coffee prices will rise due to Colombian farmers, who deliberately supply fewer products in order to sell them at a higher price, writes Reuters.
Colombia is the largest coffee supplier in the world. Producers have not shipped up to one million bags of coffee beans this year, which is nearly 10 percent of the crop. Such speculative actions will lead to a rise in the price of coffee, although it will be temporary, the newspaper emphasizes.
It is also noted that some Colombian manufacturers have canceled the contracts already signed in order to then resell the goods at better prices. Because of this, buyers will lose about $ 8-10 million.
Global coffee prices have already skyrocketed 55 percent this year, largely due to unfavorable weather conditions in Brazil, its leading producer. A sharp cold snap in this country has damaged coffee trees, because of this, experts expect a significant reduction in the harvest of beans next year.
Rising prices for coffee will increase the cost of the consumer basket, which has already increased against the background of higher prices for products such as bread, vegetable oil and sugar.