Coffee prices for a popular variety have skyrocketed globally.

Coffee prices have begun to rise due to outrage over the global supply shortage. Arabica futures rose by 80% due to poor harvests in key producing countries, reaching their highest level since 1972. Since Monday, prices have continued to grow, increasing by 4.9%. Arabica futures hit a new historical high on Wednesday, rising by 4% to $3.434 per pound. The price increase is attributed to droughts in Brazil and Vietnam, where the largest coffee producers are located. Demand for coffee has increased while production has declined, leading to rising prices. It is forecasted that global coffee production will not meet demand by 8.5 million bags in the upcoming season.

Also, the price of orange juice has suffered from drought and disease in Brazil, the largest juice producer. Futures prices for orange juice are approaching their highest levels.