Peanut Butter Prices Set to Soar on Monday
2011 has been one of the worst years for the peanut harvest across the south. With the drought conditions and scorching heat this summer, farmers were left with less peanuts, thus driving up the price of peanuts overall.
Now that the harvest has come in, peanut butter manufacturers are seeing the increase in price to them which trickles out to the consumer and results in a higher price per jar.
So just how much will it increase? CNN reports that Kraft will raise their prices on Planters brand by 40% on Monday, ConAgra's Peter Pan brand has already increased by 20% and J.M. Smucker will raise the Jif brand by 30% starting Tuesday.
What does this mean for your pocket? Expect to pay about a dollar more per jar of peanut butter the next time you head out to the store. When will it end? It doesn't look like we will see prices drop until after next year's crop is harvested in September/October.
If you are looking for something to hoard, peanut butter should be at the top of your list. It may not seem like much, but it adds up over the course of a year - especially if you have kids that love PB&J sandwiches!