If you can’t get enough of all things peanut butter, you might find your wallet in a bit of a sticky situation very soon, as a new report says the price of the ubiquitous nuts are rising.
The Wall Street Journal (via Gawker) says due to peanuts a hot dry summer wreaking havoc on peanut crops, peanut prices have gone from $450 a ton to $1,150, a cost increase that is bound to be reflected in prices for the consumer. Popular brands are already readying price hikes
Wholesale prices for big-selling Jif are going up 30% starting in November, while Peter Pan will raise prices as much as 24% in a couple weeks…Skippy [prices] are 30% to 35% higher than a year ago. Kraft Foods Inc., which launched Planters peanut butter in June, is raising prices 40% on Oct. 31.
Guess we’ll start making just plain “and jelly” sandwiches for awhile.
Peanut-Butter Makers Face Crunch [Wall Street Journal]