The proposed price increase aims to support coffee growers globally.
As global consumption of coffee continues to grow significantly, the International Coffee Organization (ICO) announced plans to strengthen coffee pricing globally.
According to the group, consumption has been growing at a rate of about 2% annually, whilst coffee prices have fallen by over 30% in the past two years, hurting growers.
The ICO predicts the downward trend in coffee prices to continue for the foreseeable future and suggests there is a chance many countries will cease production due to lack of profitability.
In efforts to aid the sector, the ICO are set to put several actions into place, including research, increased transparency, promotion of coffee consumption, and mobilisation of stakeholders.
With support from donors and the private sector, the ICO is set to mobilise funds to aid the coffee industry by advocating and promoting the sector. The measures will aim to seek support from multinational organisations, academics and importing and exporting countries to improve conditions for growers.
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