Drop in Wine Prices Forecast: Wine prices...

Drop in Wine Prices Forecast: Wine prices are likely to decline despite increases in the cost of bottles and corks and the threat of three proposed tax increases on the November state ballot, according to a wine consultant. John Fredrikson said wine prices will probably drop because of a glut of grapes, an oversupply of wine and decreased demand. The grape harvest started last week with a state agricultural agency forecasting a decline of 4% due to rains in late May. But a bumper crop last year left many vintners with leftover wine, resulting in an overall softening of prices.