By Ashley Soriano | News Nation Via The Hill
Higher coffee prices could be brewing for consumers as the global coffee market smashed a 47-year record.
Arabica coffee, a type of coffee bean largely grown in Central and South America, sold for $3.44 a pound earlier this week, beating the prior record high of $3.35 set in 1977.
Brazil is the leading producer of arabica, the world’s most popular variety, and extreme drought has led to smaller harvests, driving world prices up.