Although the world market price for coffee has dropped in the last two years, the price for a cup of coffee in Iceland has increased, RÚV reports. Referencing their own data on local pricing trends, the Consumer Association of Iceland is now calling on local businesses to keep their prices consistent with those on the world market.
Data collected by the Consumer Association of Iceland’s statistical office shows that coffee prices in shops here in Iceland have increased an average of 14.5% in the last two years. At the same time, the world market price for Robusta coffee beans (which represent 40% of the world’s coffee market) have dropped 15.1%. Jóhannes Gunnarsson, the Consumer Association’s Director, says that their data also shows that prices for other varieties of coffee beans have dropped about as much as those for Robusta.
The association has repeatedly questioned why coffee prices increase in Iceland as world prices continue to decrease. Their data on pricing trends shows that while the decrease in world coffee prices has had an inverse effect on prices in Iceland, an increase in world coffee prices does not actually result in an increase in domestic prices. Therefore, the Consumer Association believes that local businesses should strive to keep their prices in line with those on the world market.