(WJLA) - The price for oranges and orange juice could rise sharply in the near future because of a large drop in inventory, coupled with an infestation in Asian insects and other crop diseases.
Bloomberg reports that among the many reasons for a possible price spike are the spread of citrus canker, a disease that causes the fruit to drop prematurely, and an uptick in citrus greening as a result of an Asian bug.
In total, Bloomberg reports that Florida has harvested its smallest crop of oranges since 1990. That, couples with a decline in orange imports, could lead to the price increase.
"There's no way to turn this around," Hackett Advisors President Shawn Hackett said. "Prices are going to go higher."
READ MORE at bloomberg.com.