(WJW) – The price of coffee is skyrocketing.
A drought in Brazil has caused the cost of arabica coffee beans to hit its highest level since 2016.
The country’s coffee harvest is expected to drop dramatically this year because of the drought, according to the Wall Street Journal.
There is also an increased demand for coffee, according to the report.
According to the U.S. Department of Agriculture, coffee consumption globally is expected to outpace production. According to the department, 164.8 million bags of coffee are expected to be produced this year, while consumption is expected to reach 165 million bags this year.
Like many other products, supply chains are affecting availability and pricing as well.