"Recent price rises might make this morning staple almost a luxury," Eurostat said, reporting that coffee prices had on average surged 16.9% in August from a year earlier. Fresh whole milk now cost 24.3% more on average, while consumers paid 22.2% more for fresh low fat milk, Eurostat said. The data showed prices had risen for these four items in all EU member countries except Malta, where the price of fresh low fat milk was unchanged.
The price of a flat white has topped £3 across Britain's largest coffee shops for the first time, as households face a growing squeeze on their wallets.
The market has been especially unkind to former highfliers like drive-thru coffee shop Dutch Bros (NYSE: BROS). Dutch Bros stock is down 54% from the highs it hit following its initial public offering last September on fears that a recession will cause growth to slow. When consumers tighten their belts, coffee shop coffee is an easy discretionary purchase to cut out to save money.