Westpac senior economist Satish Ranchhod said global coffee prices were high, in part because of poor weather in some of the major producing regions, such as Vietnam and Brazil.<\/p>\n
\u201cThose production cost pressures will have been compounded by the recent increases in global fuel costs.\u201d<\/p>\n
At BNZ, chief economist Mike Jones said he was caught out by the price when he went to buy more instant coffee on Sunday.<\/p>\n
\u201cA classic global supply shock appears to be at the root of the big price increase, in part caused by adverse weather. The global price for coffee is volatile but roughly doubled over the past four years. We haven\u2019t seen the full extent of that in New Zealand but the low New Zealand dollar over the first part of the year probably would not have helped given it raises the cost of imports.\u201d<\/p>\n
Stats NZ data showed the average price of 100g of instant coffee has risen from $6.25 in July 2019 to $8.02 in July this year. It dropped as low as $5.40 in late 2020.<\/p>\n
Commenters on Reddit expressed surprise at the price Moccona had reached.<\/p>\n
\u201cI\u2019ve changed job now, but in my old job I was making around $850 a week working fulltime. When I see this coffee at nearly $50 that\u2019s like 1\/17th of my weekly pay just to get a coffee. If I went shopping and bought coffee, milk, some chicken breasts, shower gel, cereal, and bread, that would likely be between $80-$100, like 1\/8th of my entire income just to eat for a couple of days,\u201d one posted.<\/p>\n","protected":false},"excerpt":{"rendered":"Westpac senior economist Satish Ranchhod said global coffee prices were high, in part because of poor weather in…\n","protected":false},"author":2,"featured_media":580027,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[13212,192,138,17379,813,2082,30644,111,139,69,17096,812,3270,4276],"class_list":["post-580026","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-13212","tag-are","tag-business","tag-coffee","tag-edmunds","tag-for","tag-instant","tag-new-zealand","tag-newzealand","tag-nz","tag-paying","tag-susan","tag-we","tag-why"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/580026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=580026"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/580026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/580027"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=580026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=580026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=580026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}