Why the Price of Coffee is Going Up

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Why the Price of Coffee is Going Up
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Why the Price of Coffee is Going Up

Find out what's driving the increase in price of coffee, and what's expected for the future.

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Brazil, the world's largest coffee region, had its worst drought in decades, which has drastically affected its coffee production. The most recent coffee harvest was the smallest it has ever been in three years, reports Time.

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Bloomberg reports that recent widespread rain may provide some relief to Brazil's growing regions with hope that it will help to trigger new flowering for coffee plants. However, some areas have had a lot of damage, and its extent remains to be seen at the next harvest months from now.

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The Wall Street Journal reports that the rainy forecast has lowered Arabica-coffee prices 9.1 percent, the largest decline seen in five months. In early October, prices had reached a 2.5 year high.

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Nespresso Club Members recently received an email about a coffee price increase. Starting November 10, the prices of Nespresso's Grand Cru coffees will increase "due to the rising price of green coffee beans."

It may not be the news you want to read in your inbox, but it's the harsh reality of the world's dwindling coffee supply due to bad weather in Brazil, the world's largest coffee grower. Coffee beans prices have nearly doubled in three years, and some experts say it may increase another 30 percent to up to $3 per pound of beans.

Starbucks has already hiked up their coffee prices this past summer, and prices of packaged coffees sold at grocery stores have increased, too. Even Keurig Green Mountain's K-Cup single-serve packets are now more expensive.

Check out the slideshow above to learn more about rising coffee prices.

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