Here's Why Coffee Prices Are Surging To Multi-Year High

Coffee prices have reached a multi-year high due to a number of factors, including a crop-destroying frost in Brazil.

10/02/2021 1:00 p.m.

Fortune reported in July that the coffees trees in Brazil were impacted by a drought and two frosts, leading to the high prices.

The country is the world's largest coffee producer, accounting for 40 percent of the world's output of the product, the news site reported.

Prices for high-end beans used by some coffee chains increased more than 30% during this period, Fortune reported.

COVID-19 restrictions in Vietnam, the world's second-largest coffee exporter, have also caused exports to fall, according to CNBC.

Fitch Solutions predicted that coffee prices might stay "relatively high" through 2022, CNBC said.

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