Coffee buying prices up 20%

COFFEE buying prices have increased by 20% this month compared to the same period last year.
Coffee Industry Corp (CIC) chief executive Navi Anis said the price increase was due to low coffee production owing to adverse weather conditions in competing coffee-producing countries in Central America, including Columbia.
Last month, coffee processing plants around PNG purchased green bean arabica coffee at an average price of  K8.99 for “A” grade, K8.43 for “X” grade,K7.83 for “PSC-X” and L7.62 for “Y1” grade at K7.62.
In the same month last year, buyers paid an average price per kilo of K7.73, K7.12, K6.72, and K6.51, respectively for each grade.
The parchment Arabica coffee was bought between the range of K4.50 to K4.80 per kg in major coffee growing provinces for Class One and Class Two was bought at K2.90 to K4.60. Whereas in the same period last year, Class One was bought at the range of K2.80 to K4.20 per kg and Class Two was bought at a range of K2.50 to K4.
Anis said there was an increasing demand alongside shifting coffee buyer’s focus on PNG and other Asia Pacific countries.