Connect with us

Business News

Coffee prices fall 10pc on poor quality



More by this Author

Coffee prices dropped 10 percent this week because of low quality beans coupled with depressed international prices.

The price of a 50-kilogramme bag dropped to Sh8,800 from a high of Sh9,800 last week.

Nairobi Coffee Exchange (NCE) chief executive officer Daniel Mbithi says the quality of coffee getting into the auction is going down compared to the previous months. “A combination of both low quality beans and depressed international prices have contributed immensely to the poor performance at the auction,” said Mr Mbithi.

The trading also saw Kenya’s premium coffee grade AA lose its value this week to Sh13,100 down from Sh15,400 that was recorded last week for a 50-kilogramme bag.

The Coffee Directorate has asked Kenyans to drink more coffee and cut reliance on export in order to cushion the price from external shocks.

The price of coffee in the world market has been falling since last November when it hit a low of 113 US cents a pound before sliding further this week to 91 cents per pound.

Source link