You may be aware of the spike in coffee prices around the country, but did you know why?
This from CNN Money…
Coffee prices have doubled since late last year, and drinkers of the black stuff may soon start to notice.
The culprit: a severe drought in Brazil, the origin of roughly a third of the world’s coffee.
The dry spell has wreaked havoc on this year’s harvest of Arabica beans, which are used for the vast majority of global coffee production.
“They had a big time drought in January and February, got some showers in March that stabilized the situation, but now they’re entering their dry season,” said Jack Scoville, a commodities futures broker with the Price Futures Group in Chicago. “It’s harder and harder to get rain in there.”
April 24, 2014
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