Coffee prices skyrocket, driven by new needs arising from lockdown

While many commodities have seen their prices plummet with the outbreak of the Covid-19 pandemic, coffee has seen its price soar. Listed on the ICE Futures exchange in New York, the pound of Arabica coffee has risen by nearly 20% since February, to $1.18. The price of coffee has also risen by almost 20% since February. This is a reversal of the trend observed on many other markets, and is explained in particular by the increased needs of locked-in consumers in this period of generalized confinement. However, it is not clear whether this increase in prices will benefit African coffee (4.38 million 60-kilo bags exported between October 2019 and January 2020), as the current disruption of supply chains is complicating imports of beans.