NEW YORK, December 10. /TASS/. The price of coffee has hit a record high amid strong demand and fears of a potential global shortage, Bloomberg reported.
Arabica coffee futures in New York are trading at $3.44 per pound, the agency said. Prices have surpassed the previous all-time high reached in 1977, Bloomberg noted.
The surge in price is related to a drought in Brazil, which may push down supply very soon. The harvest of a cheaper coffee variety in Vietnam has also been affected by bad weather.