Coffee Consumption Perks Up: World consumption of...

Coffee Consumption Perks Up: World consumption of coffee in 1994 outstripped production for the second consecutive year, leading to another reduction in world supplies, the International Coffee Organization said. The intergovernmental agency, meeting in London this week, estimated that 1994 world production was 89.0 million bags, compared to 91 million in 1993. It said consumption was 96.4 million, compared to 96.7 million. Each bag weighs 132 pounds. Tightening supply over the past two years has led to sharply higher prices, said the organization, which forecast a further downturn in world production due to frost and drought damage to Brazilian crops last year.