Coffee prices are set to rise to historic highs in 2024 due to severe production declines attributed to droughts in major coffee-producing countries like Brazil and Vietnam. The price of Arabica coffee recently reached $3.30 per pound, marking a significant increase from $1.82 a year prior. Retail prices for various coffee products have already risen, with espresso capsules and ground coffee showing steep increases. The Greek Coffee Association is advocating for the removal of special consumption taxes to help stabilize prices.