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NEWS FLASH!

Cotton prices have nearly doubled this year, hitting a near 15-year high following a chain of events among major Asian cotton producers that has choked off global supply, Causing us to raise our pricing for the first time in 6 years.

The price of raw cotton reached 90 cents a pound this year, up from the 40 or 50 cent average, said Mark Messura, an economist and vice president with Cotton Incorporated.

Cotton domino effect: First, a drought in China, the world's largest cotton producer and consumer, damaged crops there and forced the nation to ramp up cotton imports to make up for the shortfall.

Meanwhile, the world's second-biggest cotton producer, India, restricted its exports to protect domestic supplies and prices.

At the same time, Pakistan, another major cotton producer, was hit by devastating floods, further exacerbating the cotton shortage and boosting raw cotton prices even higher.

The impact on your wallet: Facing soaring prices, analysts say textile makers and clothing retailers such as Wal-Mart (WMT, Fortune 500), J.C. Penney (JCP, Fortune 500) and Gap Inc., who source a significant quantity of cotton clothing in China and elsewhere in Asia may have to pass along higher costs to consumers.

"Add $2 to that $12 T-shirt next year," said Ilse Metchek, president of the California Fashion Association, a non-profit group representing the state's apparel and textile industry. And prices could be even higher than that if businesses also factor in higher labor costs overseas, she said.

Wal-Mart and J.C. Penney declined to comment on the story. Gap Inc (GPS, Fortune 500)., the No. 1 clothing chain, did not respond to requests for comment.

Better buy now: Typically there's a four to six month lag time in the order-to-production cycle. Therefore, the most recent jump in cotton prices will be factored into merchandise hitting stores after Christmas.