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(New York, NY) — Coffee prices have hit a 47-year high. The world’s most popular and common variety of coffee bean is selling on the global market for $3.44 a pound. That beats a record coffee price set all the way back in 1977, when it was $3.35 a pound. The spike in price is being blamed on lengthy droughts that have led to smaller harvests in Brazil, which is the world’s leading producer of coffee.
Vietnam, the second-largest producer of coffee has been steadily raising their prices too, Growers there say they need to make up losses due to an early summer drought that killed some of its crop.
Nestle, which owns Nescafe and Nespresso, has already increased its prices, and the coffee brand Lavazza says it will have to make some price changes as well.
