The Arabica bean's increase in price is having a spillover effect as many coffee shops have seen price hikes by as much as 0.20 cents.
"We've gotten used to a really cheap cup of coffee. It's not really an accurate reflection of someone's labor," Daniele Giovannucci, cofounder of global agricultural consortium Committee on Sustainability Assessment, told the publication. "This price level is a way of finally valuing what is an extraordinary crop."
In addition to droughts and floods damaging crops in high-yield regions, the weakening dollar and increasing prices for fertilizer and fuel also are pushing up coffee prices. Starbucks has laid plans to establish as many as 1,500 coffee shops in China by 2015.
At 8:13 a.m. on Monday, coffee futures were up 0.96 percent, a 0.0275 cent increase to $2.903 per pound.
Ten years ago "you could never sell a cup of coffee for more than a dollar," Giovannucci said. "Now we have $4 lattes. People are surprised by the evolution of what consumers are willing to pay."
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