Higher coffee prices could be brewing¹ for consumers as the global coffee market smashed² 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 prior³ 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.

The price of robusta, another coffee variety, is up 80% year-to-date due to climate challenges in top-producer Vietnam.

The smaller supply comes as the demand for coffee grows, and companies may pass the cost on to consumers.

Italian coffee brand Lavazza said it has absorbed rising coffee prices for some time but will have to make changes.