The Price Of Peanut Butter Is Rising
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The price of peanut butter is high and it’s expected to rise even higher. There was a recent report by the Bureau of Labor that the price of jumped significantly in the last quarter, about 50.6%, a price that reflects off the price increase of peanuts.
The reason for this is a short supply of peanut crops in the southern states and this price hike has already created some big problems for the J.M. Smucker brand, the name behind Jif brand peanut butter. Here is a more detailed yet brief detailed report from MSN Money:
In general, Smucker’s average prices are up 16% from a year ago. That kind of increase is just not sustainable, and Smucker responded earlier this month by cutting coffee prices. Smucker makes the Folgers, Millstone and Cafe Bustelo brands.
But when it comes to peanut butter, don’t look for any price cut soon. In its latest quarterly filing, Smucker said peanut butter is just getting more expensive. “Peanut costs are expected to be significantly higher in the fourth quarter than in the third quarter of 2012 as the inventory of lower-cost peanuts is depleted,” the company said.
I’ve noticed a big increase in food prices including peanut butter within just the past few months and so I’ve been looking for the best deals all-around. The best tip I can give is just to switch over from brand names to generic names. Obviously, the savings don’t stop there. It also pays to price compare prices of several local stores you like to shop at and to make a list of what costs at what stores.
Have you noticed the peanut butter price increase and if so, has it affected your family?
Article source from MSN Money