The price of coffee dipped this week, reversing an upward trend witnessed in a couple of weeks weighed down by catalogues of low quality beans at the auction.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilo bag of coffee on average fetched Sh21,109 down from Sh22,018 last week.
“The decline in value this week was caused by a mixture of catalogues that included low quality beans and high quality ones, hence impacting on the average price of the commodity,” said Daniel Mbithi, chief executive NCE. Mr Mbithi said most of the high quality beans were offloaded in the market at the beginning of the year and that the volumes are dwindling, with lower quality getting to the auction.
NCE had received a r boost resulting from more stocks of high quality beans coming to the auction from central Kenya. The price of the commodity at the New York Exchange has gone up significantly from a low of 98 cents per pound last month to hit 120 as of yesterday.
This raises hope of a better price locally given that the value of Kenyan produce is pegged on international prices.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
