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Cheaper wines may become more expensive after slow wine production

Posted: 8:52 AM, Apr 25, 2018
Updated: 2018-04-25 14:52:18Z

Here's some bad news for wine lovers.

Global wine production was plagued with a historic low in 2017, and that means the prices for your favorite cheap wine could rise.

Cheap wines becoming expensive? How does that make sense? 

Well, here's why: Since wine production fell after poor weather conditions in Europe, the entire world only produced about 33,000 bottles of wine last year. That's a 8.6% decline from 2016, according to the  International Organisation of Vine and Wine .

Wildfires also destroyed or ruined some of the harvest in California, and drought harmed vineyards in South Africa. The warm weather can cause grapes to ripen early, making them smaller than usual.

Although, one wine expert thinks cheap wine will see a change in quality along with the price hike. Some of the lower quality wines will get blended into slightly higher value products.

So, there's looking on the bright side.