Coffee blows out to 1977 highs, when stagflation was in vogue. Did Central Banks just paint over inflation slightly, in tandem with Governments fudgy CPI numbers? Either way, history repeats when lessons are not learnt or ignored ala Climate Change.
From New York Times 16/01/1977 "There's Worse to Come in Coffee" (Obviously A.I didn't write this headline. [sarc] ) :
"Coffee lovers who are gagging on today's unprecedented prices may soon look back on these days nostalgically. At least there's no problem in getting the coffee. In the future, say the experts, the “luxury” commodity may become scarce indeed.
The coffee crisis that has sent prices skyrocketing did not originate during the night of July 16, 1975, when A severe frost destroyed two‐thirds of Brazil's coffee bushes.
Nor did the fact that Angola, which ranked fourth after Brazil, Colombia and the Ivory Coast as a coffee exporter, was involved in a civil war at the time contribute very much to the current scarcity.
Because the coffee shortage has its roots in the much wider context of such areas as the grain and soybean shortfalls of 1973‐74, worldwide inflation fueled by the huge increase in energy costs, and the gradually rising standards of living around the globe in recent years..."
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All Coffee futures analysis and commentary to date on CHIASMUS: chiasmusmagazine.blogspot.com/search/label/coffee%20price
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