A global shortage of oranges that sent prices soaring has prompted some orange juice manufacturers to consider turning to alternative fruits to make the breakfast staple.
Global prices for oranges hit $3.68 per pound in April, up about 33% from the $2.76 figure recorded one year ago, according to International Monetary Fund data. That also marks a stunning 210% increase from January 2021, shortly before the inflation crisis began.
“There are three main factors driving the soaring price of orange juice, and it’s drought, disease and demand,” Ted Jenkin, oXYGen Financial CEO and co-founder, told FOX Business.