Peanut Butter Prices Expected To Jump
By: Allison Morrison
Updated: September 20, 2011
This year's peanut crop is expected to be down.
The worst drought in Texas history, combined with a record number of 100 degree days caused the plants, in some cases, to burn up.
Smuckers, the company that makes Jif peanut butter, has already announced they'll be raising prices by 30% in just a few months.
If that's the case, a jar that costs $3.99 on store shelves right now, could cost about $5.19 by November.
Even local candy producer, Goodarts is feeling the pinch.
"When the new crop comes in this September, the prices are going to be substantially higher than that because the crop is going to be so short because of the drought. There is nothing that we can do except to have to increase prices in order to keep up and make a living," Goodarts Vice President, Ron Harbuck says.
Right now, Goodart peanut patties cost a little more than a dollar.
Harbuck expects those to jump to around $1.25 by Christmas.
