The price of Kenya’s coffee at the Nairobi coffee auction dropped to a three-month low in this week’s sale, reflecting lower demand due to rising inflation in key markets.
Data from the Nairobi Coffee Exchange (NCE) indicates that the price of the beverage dropped to $257 this week, from $265 in the previous sale. This is the lowest price seen since May.
NCE chief executive officer Daniel Mbithi said the price of coffee in New York, where Kenya sells most of its coffee, has declined to 230 cents per pound from 240 pounds previously.
Kenya benchmarks its coffee prices on the trading at the New York exchange, which is the world’s largest auction for the produce.
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Published Date: 2022-09-09 09:00:00
Author: Eunniah Mbabazi
Source: News Central