The price of coffee is expected to increase by 10% – 20% in the next period, the president of the Greek Coffee Union, Tasos Giagoglou, said in an interview with “Naftemporiki.”
Giagoglu noted that the increase in the price of the Robusta variety has already dragged down the prices of the Arabica variety.
“Certainly we have observed a de-escalation of the rise in the last 4 days, but it remains to be seen the further performance on the New York and London Stock Exchanges,” he emphasized.
He added that the increase is expected to range between 10%-20% on the retail prices on the shelf.
“Although we have absorbed a large part of the price increases, unfortunately we cannot keep the prices stable any longer. The main reason is the Special Consumption Tax,” he explained.
He attributed the price increases in coffee to the repercussions of the climate crisis.
Regarding the Robusta variety, he said that tension in the Strait of Hormuz is forcing ships carrying the goods to circumnavigate Africa, resulting in increased transport costs (freight, insurance premiums) and delays in deliveries. “All this burdens the food prices,” he added.
Asked if a reduction in the VAT on coffee would help, he said that “if there wasn’t, we wouldn’t be talking about such big price increases.” As he added, “the VAT affects our purchase price by 55%.” “We would talk about prices 20-30% lower for the final consumer,” he concluded.
