(WPRI) — Adding extra cream and sugar won’t make this news less bitter — coffee prices are soaring.
It’s the worst drought in roughly a century, killing as much as 70% of the coffee crops in some areas and causing farmers to struggle to harvest enough beans to meet the global demand.
According to the Wall Street Journal, prices for arabica coffee beans have hit their highest level since 2016.
Besides a lack of rainfall, a vicious cold snap is also proving to be catastrophic.
July 20’s frosts were the strongest since 1994 and have already damaged up to 495,000 acres of coffee fields, according to Reuters.
The weather has taken such a toll on many of the plants that experts say there’s no hope in saving them.
Experts predict the overall coffee harvest in Brazil will be the lowest since 2003.
There is also an increased demand for coffee. According to the U.S. Department of Agriculture, coffee consumption globally is expected to outpace production.
The department says 164.8 million bags of coffee are expected to be produced this year, while consumption is expected to reach 165 million bags this year.