Have you had your morning cup of coffee yet? Good because we have some exciting news for you: The price of coffee dropped dramatically in 2015 and is expected to keep dropping in 2016. Smithsonian Magazine reports coffee is cheaper than ever because of favorable weather in major coffee-growing hubs. The end of Brazil's drought and the return of heavy rains mean production from the world's largest coffee exporter is expected to jump by 10 million pounds in 2016, according to Bloomberg. Favorable weather is also expected to improve harvests in Colombia and Honduras. The USDA reports the world is expected to produce more coffee than ever in 2016, and the US is likely to import 500,000 more bags of coffee in 2016 than it did last year.
All that extra coffee means coffee prices are falling. The price for beans is down nearly 30% in the past year, the Independent reports. And the average retail coffee price has fallen to its lowest point in nearly five years at $4.41 per pound, according to Bloomberg. While this is great news for coffee drinkers, it's not so hot for coffee growers, who will be getting less money as long as production continues to outpace consumption, the Independent reports. But low prices aren't expected to last forever due to longterm climate change hurting coffee production, according to Smithsonian Magazine. The Independent cites a recent study that estimates a 65% to 100% reduction in geographic areas suitable for growing coffee by 2080. The loss of coffee-growing climates is expected to bring "massive price hikes" for coffee lovers. (More coffee stories.)
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