Wine prices set to rise amid California grape shortage (US)

Say goodbye to snagging fine wine at a value price. As demand increases and inventories experience an extended shortage, consumers will have to choose between paying more, trading down or buying foreign imports, according to a wine industry report released on Tuesday. Silicon Valley Bank, which provides the wine industry with commercial banking services, predicts the fine wine business will see sales growth of 7 to 11 percent this year amid a looming grape shortage, reports CNBC.