Why You Should Stock Up on Peanut Butter NOW
Posted on Friday, October 14th, 2011 at 2:12 pm
If you buy peanut butter, then grab your coupons and head to the store to stock up now! Why? Because according to the latest peanut price report from the U.S. Department of Agriculture, the cost of peanuts has more than doubled from $450 per ton to $1,150 per ton since last year. That means the price of peanut butter and other peanut products is expected to skyrocket in the next few weeks.
How Much Will Peanut Butter Prices Go Up?
Unfortunately it looks likes the peanut price increase is going to have a pretty big effect on store prices (and our wallets). The Wall Street Journal reports that wholesale prices for Jif peanut butter will go up 30% starting this November and prices for Peter Pan peanut butter will go up 24% by the end of this month. These aren’t the only brands raising prices though. Kraft will also be raising its’ prices by a whopping 40% on October 31st and Skippy has already raised prices 30-35% over the past year.
Will Any Other Products Feel the Crunch?
Yes. Sadly, peanut butter isn’t the only product that will be feeling the crunch with increased peanut prices. Peanut oil, salted peanuts, candies that use peanuts, trail mixes – really anything with peanuts – will most likely reflect the peanut price increase in the upcoming months. But it’s not too late to stock up! Now that you are in-the-know about the peanut price inflation, you can take the opportunity to fill your pantry with all your favorite peanut products before the price increases hit the shelves. Thank goodness peanut butter has a shelf life of over a year!