Peanut Butter Turns Into Budget Buster

If you’re about to run out of peanut butter, be prepared for some sticker shock next time you go grocery shopping. Due to the rising cost of peanuts, caused by one of the lowest harvests in decades, peanut butter manufacturers across the board are raising prices of jelly’s best friend.

CNNMoney reports ConAgra started the madness by increasing prices 20 percent for Peter Pan in October, while Planters joined in with a 40 percent increase Monday and Jif-maker J.M. Smucker plans to up prices by 30 percent.

If those increases seem tough, comfort yourself with the thought that things could be worse. Prices of the types of peanuts used to make peanut butter have nearly tripled since a year ago, rising from $450 a ton to $1,200 per ton.

Peanut butter prices skyrocketing [CNNMoney]