(FOX BUSINESS) – The price of coffee beans hit a 7-year high on Friday amid ongoing logistical issues and global supply concerns.
Arabica coffee bean futures slated for March delivery rose as high as 4.8% to $2.235 a pound on Friday, Bloomberg reported. Prices are up more than 90% over the last year and have reached their highest level since Oct. 2014.
Bloomberg noted the price surge could result in higher costs over time for U.S. firms such as Starbucks and Peet’s Coffee and Tea.
