Brazilian government raises minimum coffee price by 17%

The Brazilian National Monetary Council has increased the minimum price for a 60 kilogram bag of coffee to US$153 to help growers weather the current slump in global prices. The new price is still shy of the US$169 being asked for by the growers, but a 17.3per cent increase on the previous US$130 floor price. The announcement was made on 7 May, ending almost a week of speculation about the government's intention after it canceled a scheduled announcement on the issue on 2 May.