Crap weather means that the wholesale price of arabica beans is at a 14-year high of $3.09 per pound, and coffee distributors are blaming climate change, reports the nifty new you-should-be-reading-it Bloomberg sustainability channel.
“Climate changes and market fundamentals will maintain prices in 2012, but we will continue to be tied to the developments of the euro-zone crisis and its consequences to the global economy,” [a Brazil-based] broker said in a report e-mailed yesterday.
In an announcement that couldn't possibly be related, Starbucks declared that the price of its lattes is going up by 10 cents, the result of an increase in “the cost of doing business,” including commodity prices (according to company spokesman Jim Olson).
Starbucks Raises Prices in New York to Recoup Higher Costs, Bloomberg.
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