Peanut ButterA report from the Chicago Tribune, “Peanut butter prices skyrocketing” talks about the rising prices that will be going into affect this week.

“Kraft will raise prices for its Planters brand peanut butter by 40 percent … while ConAgra has instituted increases of more than 20 percent for its Peter Pan brand that went into effect this month…J.M. Smucker, which makes Jif, will introduce price hikes of around 30 percent…”

“Prices for a ton of runner peanuts, commonly used to make peanut butter, hit nearly $1,200 this month, according to the U.S. Department of Agriculture. That’s up from just $450 per ton a year ago. Overall, the USDA projects that American peanut production will hit 3.6 billion pounds this year, down 13 percent from last year.”

The reason for the increase in prices can be traced to this summer’s drought conditions in the southern states.e

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