Orange, orange juice prices may spike due to low supply

(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."