Wine and champagne prices will probably spike here in the U.S. More from Bloomberg News:

Wine is France’s biggest agricultural export, with 8.27 billion euros ($9.1 billion) in shipments last year, customs data shows. 

In Champagne, spring frost destroyed grape production on 4,600 hectares (11,367 acres), and there’s strong pressure from fungal diseases mildew and gray rot, the ministry said. Almost a quarter of the region’s vineyards suffered frost episodes, with flower buds entirely destroyed on 14 percent of the area, according to theChampagne wine board, which expects grape picking to start mid-September.

In the Burgundy-Beaujolais area, home to the world’s most expensive wines, production may fall 23 percent to 1.77 million hectoliters. In Charentes, the source of grapes for Cognac, the volume is predicted to sink 15 percent to 8.12 million hectoliters.