Peanut butter prices set to rise due to poor peanut harvest
Peanut butter prices are set to spike following on of the worst peanut harvests in decades.
WPIM-TV reports that peanut butter prices have already begun to rise in stores across the country. Although peanut farmers in Georgia and Texas are hurting from the drought, peanut farmers in Alabama stand to make a proft. Reportedly, farmers could receive up to $1,200 for a ton of penuts.
“Peanuts are a commodity-traded product, so when they are traded on the exchanges the price has been steadily rising for weeks, ” said Dennis Young, a produce buyer at a Loxley farm market.
As MSNBC reports, the price for Kraft’s Planters Peanut Butter has jumped 40% while Peter Pan and Jif brand peanut butters have risen by 20%.
Read more about the peanut butter price increase here.