The Last Time a Deep Frost Hit Brazil, Coffee Soared to a Record

If history repeats itself, the deep freeze that’s destroying Brazilian coffee crops isn’t a good sign for morning joe costs.

Sadly for caffeine addicts, the last time a severe frost hit coffee fields in the world’s biggest exporter in 1994, it didn’t take long for retail prices to surge to a record. Futures began rallying in April of that year and peaked in July. Then, between June and August, the average price for consumers soared from $2.60 to a then record $4.48 a pound, according to the U.S. Bureau of Labor Statistics. A further spike in 1997 had futures peaking in May, and retail prices hitting a new high in August.