Get ready to pay more for your wine [MSN Money]
News Corporation - Class B (NWS)
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Source: MSN Money
© Provided by Dow Jones & Company, Inc. It may be time to say adieu to low wine prices. The price of wine is likely to go up, as global wine production crashed to a 60-year low in 2017. Popular Searches AdChoices The Paris-based International Organization of Vine and Wine said Tuesday that the world’s wine production fell to 250 million hectoliters last year, down 8.6% from 2016, and the lowest level since 1957. Global wine consumption, on the other hand, rose slightly to 243 million hectoliters. A hectoliter is 100 liters, or about 133 standard bottles of wine. The group blamed the production slump on poor weather conditions in Europe in 2017, including a late-winter frost that hampered the harvest. European wine production dropped 15% overall in 2017, the group said. Spain’s wine production fell 20% last year, while France’s dropped 19% and Italy’s declined 17%, according to Reuters calculations . Europe makes up about 65
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