Buyers beware: That peanut butter you’ve been snacking on since childhood is soon to undergo a price hike. Sweltering temperatures and parched soil in Peanut Belt states like Georgia and Texas are to blame for the spoiled peanut crop.
Peanut butter powerhouse J.M. Smucker Co., who dominates 45 percent of the peanut butter market, expects to raise prices by 30 percent in November, making that $3.19 jar of Jif $4.15, says a Cleveland article.
Although this year’s peanut crop won’t be harvested for a month or two, farmers who have pulled up their plants came away disappointed after finding very few peanuts.
Also quoted in the article is Patrick Archer, president of the American Peanut Council in Alexandria, Va., who says that although a lot could change between now and harvest, price hikes at the supermarket are inevitable.
Continue reading: Peanut Butter Prices Rising to New Heights