The price of coffee has surged to its highest levels in the past 47 years.

The Arabica coffee beans have been particularly hard hit, with prices reaching $3.18 per pound on Wednesday.

“This year, Brazil experienced the most severe drought in the last 70 years, followed by heavy rains, which jeopardized the upcoming harvest and further exacerbated global supply issues. At the same time, Vietnam has been facing low production levels for three consecutive years,” explains the source.

In response to rising prices, the world's largest coffee company, Nestlé, has already raised its prices. One trading analyst informed The Financial Times that roasters are rushing to import beans now to avoid paying higher tariffs later.