The price of Kenyan coffee continued on a downward streak this week hitting the lowest point recorded this year on shedding 15 percent at the weekly sale.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilogramme bag of coffee fetched Sh9,800 Tuesday, down from Sh11,500 in the previous sale.
The trading also saw Kenya’s premium coffee grade AA fall to Sh12,800 from Sh15,400 recorded previously for a 50-kilogramme bag. The Coffee Directorate has urged Kenyans to consume coffee and cut overreliance on export in order to cushion the price from external shocks.
“If we had increased the local share of our consumption, then this would have helped in cushioning us against the price volatility,” said Isabella Ngonge, the head of the Directorate.
The price of coffee in the world market has been on a decline since last November when it hit a low of US cents 113 a pound before sliding further this week to 98 cents. Kenyan officials are currently attending the Specialty Coffee Association in Boston, USA, where they are expected to drum up more support for the country’s produce.