Business & Tech

Peanut Butter Prices About to Soar

After the worst peanut harvest season growers have seen in years, it may be a good idea to start stockpiling your favorite peanut butter now.

CNN Money reports, "Kraft will raise prices for its Planters brand peanut butter by 40 percent starting Oct. 31."

The Los Angeles Times writes, "J.M. Smucker Co.’s Jif will boost wholesale prices 30 percent this fall, according to the Wall Street Journal. Unilever’s Skippy brand will see a 35 percent increase while ConAgra Foods Inc.’s Peter Pan label will jump nearly 25 percent."

The National Peanut Board, a farmer-funded research group, found Americans spend almost $800 million a year on peanut butter and consume more than six pounds of peanut products per person each year.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Hot weather and a drought are to blame for the peanut butter price increase. According to USDA figures on the summer crop of Runner peanuts, the variety mostly used to make peanut butter, raw peanuts that cost about $450 a ton in 2010 now cost $1,150 a ton.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here