Scocchia (Illycaffè): “A cup of coffee at the bar could reach 2 euros”

“In the last 3 years the price of a cup of coffee has increased by 15 percent. Today, on average, a coffee at the bar costs 1.50 euros and it is estimated that it could reach 2 euros in the coming months due to the price of the raw material, green coffee, which is affected by high volatility and an unprecedented upward trend.”
Cristina Scocchia, CEO of illycaffè, said this on the sidelines of a meeting.
“Today green coffee costs 245 cents per pound, 66 percent more than last year, more than double compared to 3 years ago – explained Scocchia – There are many causes, the first is certainly climate change which could halve the cultivated land by 2050. Just think of what is happening in recent months: from torrential rains in Brazil to drought in Vietnam. But – he continued – in the short and medium term the supply chain is also under pressure due to the problem related to the Suez Canal, which has increased costs and lengthened times, and due to speculations that more generally concern soft commodities”.
In particular, “in the two-year period 2022/2023, illycaffè’s production costs increased by 17 percent, but we only passed on to consumers a third of this increase in costs (3 percent in January 2022 and 3 percent in January 2023). For the moment – concluded the CEO of illycaffè – we do not intend to increase the price of our products to help our end customers, both B2B and B2C, but evidently we will have to review this decision if the upward trend were to persist”.