Lavazza, the Italian coffee giant, has warned over a double-digit drop in earnings this year amid surging coffee bean costs, and said its prices are not set to come down for consumers until 2024.
Giuseppe Lavazza, chairman of Lavazza, told the PA news agency that it has not increased prices further in 2023, but that this is impacting its profits as it faces “unprecedented” increases in coffee bean prices. Robusta coffee beans recently reached their highest level in 15 years. “We’re still in a situation where it’s very difficult to predict what’s going to happen,” he said. “In 2024 we think the situation can change a little bit and we can have more stability in terms of price of raw materials and energy, currencies and the rises in interest rates.”
“The global economy has seen an unprecedented increase in operating costs in most sectors and in all aspects of the supply chain,” Lavazza said, adding that prices are still under pressure despite energy costs easing, in particular as central banks hike rates.
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