Currently, prices for raw materials are rising rapidly on the global coffee market – this historically happens every 10 years. Vasyl Yavorsky, co-owner of the Bacara Coffee coffee shop chain (Chernivtsi), told Suspilne.
“Yes, the coffee market is either going down or up. It has its own processes why this is happening. It’s a cycle, and we’re in it. Our income decreased during the war because absolutely everything that a coffee shop works with, from the kitchen to the coffee, went up in price,” says Yavorsky.
The entrepreneur notes that the hryvnia is devalued in the country, and in the face of devaluation, business cannot operate in a way that makes coffee cost a dollar: today the exchange rate is 28 UAH (0,71 Euro), tomorrow it will be 40.
As a reminder, coffee was one of the biggest losers in 2022: robusta fell by 23%, while arabica lost a quarter of its value.
The price of bread in the European Union rose by almost 20% in August as Russia’s invasion of Ukraine, a major exporter of grain and fertilizers, continued to undermine global markets and accelerate overall inflation.
Global demand for wheat could grow by 11% over the next decade. This was stated in the forecast of the Food and Agriculture Organization (FAO) Agricultural Outlook 2022-2031.