Across Europe this summer, vineyards were harvesting grapes earlier than usual. Some regions had to deal with heat, while others had to deal with torrential rains and grape fungus. This does not bode well for this year's harvest. Italians are witnessing the ealierst harvest on record in 70 years.

From the Associated Press:

Consequently, Italian wine producers are forecasting their lowest production in 50 years: 1.14 billion gallons, down 13 percent from a year ago, along with an increase in prices of up to 30 percent, said Giancarlo Prevarin, president of the Italian Winemakers Association.

Hopefully the low production won't mean a spike in prices. According to the article, everyone is hoping that prices remain steady.