Heat wave could drive up coffee prices

March 10, 2011 3:33:45 PM PST
Coffee prices are expected to go up even higher.

Arabica coffee has spiked to its highest price since May of 1997 at just under $3 a pound.

There is concern that a heat wave in Columbia will damage crops and drive prices even higher.

The maker of Folgers has already raised retail coffee prices three times over the past year and warns it will do so again if wholesale prices don't fall.