Your java habit may soon cost you more than you think. As Brazil's drought continues, the price of coffee beans may rise again.
Arabica coffee prices were at their highest level in 2.5 years on Monday, The Wall Street Journal reports. The Journal suggests that Brazil's dry weather has instilled worry about next year's crops of coffee beans. Brazil's recent coffee harvest was its smallest in three years, and it comes after Brazil's worst drought in decades, Time reports.
On Monday, Arabica coffee ordered for delivery in December ended at $2.2080 a pound on the ICE Futures U.S. exchange. That's the highest price the beans have sold for since February 2012, the Journal notes.
But while a commodities strategist told the Journal that coffee-trading prices could rise to $3 a pound next year, the price probably won't hit consumers just yet. Starbucks has already fixed its prices with its coffee bean suppliers through 2015, so you likely won't see a Starbucks price hike until at least 2016.