Prepare for peanut butter prices to skyrocket
Our hearts were broken earlier this summer when we learned about the soaring price of bacon. But man doesn't live on bacon alone. We also enjoy peanut butter — as do kids everywhere toting their PB & J's in their school lunch boxes.
Buying processed foods to lose weight. Does the Twinkie diet work?Unfortunately, an unusually dry summer has wiped out much of this year's peanut crop, reports The Wall Street Journal, causing brands like J.M. Smucker Co. (Jif), Unilever NV (Skippy), and ConAgra Foods Inc. (Peter Pan) to increase the price of creamy peanut butter (or crunchy, if you're into that kind of thing).
So how much will these companies raise their prices? The WSJ writes that wholesale prices for Jif (my personal favorite) will rise by 30 percent, while Peter Pan will be raised by 24 percent. Kraft Foods Inc., which owns Planters peanut butter, will raise prices by a whopping 40 percent on Oct. 31.
Thankfully, Oct. 31 is a few weeks from now, and you can start stocking up on your favorite brand and lock in the savings. Unlike, bacon, which doesn't keep for long, peanut butter can be stored for up to 9 months. We've had peanut butter for longer, but play it safe and heed the labels.
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