How much are you willing to pay for your morning joe?
The New York Times reported Wednesday that hotter than usual weather in Colombia, the second largest coffee-producing country in the world, might cause yet another price increase for the popular commodity.
The Financial Times reported in late February that coffee prices had reached a 34-year high at $2.78 per pound. The highest price was in 1977 when prices hit $3.44 a pound.
With the shrinking stockpiles in both Colombia and Brazil, price hikes at the grocery store and at specialty coffee shops seem imminent.
Starbucks has already raised its prices on larger and "labor intensive drinks," and it said "it could not rule out the possibility of raising the price of packaged coffee in other channels, including grocery, in coming months."
Folgers, owned by J.M. Smucker Co., has historically led the grocery store coffee market in changing prices. Competitors like Kraft, which owns the Maxwell House brand, usually follow suit.
The website vendingmarketwatch.com said the 2010 National Coffee Drinking Trends report puts about 56 percent of Americans as regular coffee drinkers. Despite price increases, 84 percent of coffee lovers did not report any change in drinking habits, the report says.
With another increase in coffee prices as a possibility, is there a price that's too high for you?
How much money are you willing to pay for your coffee products?