Get it while it's cheap! Wine prices are expected to rise due to low production

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Get it while it's cheap! Wine price are expected to rise (KTRK)

Cheap wine is about to get more expensive, according to the International Organization of Vine and Wine.

The organization says wine production has dropped to its lowest level in 60 years.

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The reason for the fall is due to weather conditions from 2017.

Italy, the world's largest producer of wine, experienced a 21 percent fall in 2017.

Other large producers in Europe such as France and Spain also saw large drops in 2017 due to hail storms and cold weather.

South Africa, another producer, was also hit with a drought that affected the vineyards.

In the U.S., California experienced devastating wildfires that destroyed much of the harvest.

Analyst say producers, dealers and retailers will absorb most of the price hikes, but consumers will end up paying more for the cheaper bottles of wine.

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