The price of Brazilian Arabica coffee has just surged by 94 percent on the New York futures market. What's behind the rise? Well, it’s the result of bad weather in Brazil. That country's coffee harvest accounts for more than one third of the world's output and when their harvest is down it has a strong influence on coffee prices around the world. This year’s harvest in Brazil is expected to be down as much as 10 percent compared to last year.

The region was hit by a severe drought and extremely high temperatures during the growing season. In fact, the country had its hottest January on record. Then, heavy rains and flooding hampered the harvest. This double whammy in Brazil has lead to the largest world supply deficit since the 2009-2010 season.

Already, several major chains and coffee retailers have raised prices. Starbucks will be raising the price of some of its drinks for the first time in four years.