Mom!!! Peanut Butter Prices About To Soar
Sorry kids but mom may have to really give you a jam sandwich Your PB&J is about to be more costly. After searing hot weather devastated 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, according to USDA figures. The crunch will affect the 90% of U.S. households that consume peanut butter – Americans eat about 1.5 million pounds of peanut products annually. High prices are expected to trickle down to consumers soon. J.M. Smucker Co.’s Jif will boost wholesale prices 30% this fall, according to the Wall Street Journal. Skippy will see a 35% increase while the Peter Pan label will jump nearly 25%.