The time when coffee prices were at their highest was the previous time of deep frost, so experts expect record prices for coffee.
In 1994, a severe frost event in Brazilian coffee plantations, the world's largest exporter, caused retail prices to rise to a record high. July April futures began to pick up and peaked in July. In August according to the U.S. Bureau of Labor Statistics, the average price for consumers rose from $ 2.60 to a then-record $ 4.48. Another increase in 1997 caused futures to peak in May and retail prices to hit a new peak in August.
November May 2011 saw another big rise in futures prices, with consumer prices steadily rising to a record high of $ 6.07 in the year to November 2012.
This year's cold bite comes on top of container shipping delays and a drought that has damaged Brazil's 2021 crop, which is already short of supplies.