Greeks’ favorite beverage is fast becoming a luxury for many, as coffee prices are rising again both in the domestic and international markets, hitting an all time high in the last 50 years.
The new increases are expected to be between 15-30 percent and they will affect both the coffee sold on supermarket shelves and that offered at cafes. Retailers are already saying that as their coffee stock runs out, the new orders arrive with a price increase of 8%.
Global factors including the drought that has plagued the leading coffee producing countries such as Brazil and Vietnam, poor harvests and disruptions in the supply chains have been driving prices up, with the Arabica variety seeing a 100 percent increase since the beginning of the year.
Coffee prices in Greece rising non-stop
This is not the first time coffee prices have risen in Greece this year alone. Yet, according to Tasos Yiagoglou, President of the Hellenic Coffee Association, while businesses have so far been able to absorb the rising costs, he warned that this time, with coffee prices rising internationally, inevitably Greek consumers will feel the pinch in a very short time.
“The situation has become unsustainable,” Yiagoglou told MEGA TV during an interview. He criticized the Special Consumption Tax that has been imposed on coffee in Greece since 2017, saying that “If we didn’t have this tax, we would be talking about much milder price hikes. The special tax is a hindrance. We urgently ask for its abolition or at least a reduction. It’s an unbearable burden.”
In Greece, a country where the minimum wage is 830 euros ($872), the new hikes in coffee prices could signify a shift in the cherished coffee culture, forcing many to limit the consumption of their favorite drink.
This is what the coffee price increases could mean for the consumer in Greece:
-Espresso capsules (10 pieces) sold at supermarket: From 5.10 euros up to 6.60 euros
-Espresso served at cafe: From 3 euros up to 3.90 euros
-Freddo cappuccino served at cafe: 4.20 euros up to 5.50 euros
The unique Greek coffee culture
Greece is one of the countries with the highest coffee consumption worldwide. Each Greek drinks on average 510 cups of coffee per year, with a total of five billion cups consumed each year across the country.
Drinking coffee in Greece is not just a habit. It is a daily ritual that Greeks enjoy alone or with friends in a busy cafe. It is serious business and coffee breaks are long, with Greeks drinking their national drink slowly while chatting or catching up.
More than 8 out of 10 Greeks drink coffee every day, a recent survey revealed, confirming that coffee culture is thriving in the country.
According to the survey by pollsters Kappa Research on behalf of the Hellenic Coffee Association, 84% of Greeks enjoy at least one cup of coffee every day.
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