The transacted value of Kenya’s coffee continued to drop this week, losing marginally by Sh400 from the previous sale as the global prices remain low.
A market report by the Nairobi Coffee Exchange (NCE) indicates that a 50-kilogramme bag of coffee fetched Sh11,400 in the weekly trading, down from Sh11,500 in the previous sale.
The trading also saw Kenya’s premium coffee grade AA lose its value this week to Sh15,400 down from Sh16,200 that was recorded last week for a 50-kilogramme bag.
The Coffee Directorate has asked Kenyans to consume coffee and cut reliance 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 113 cents a pound before sliding further this week to 98 cents per pound. Kenya has one of the best coffees in the world.