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Peanut Butter Price Jumps After Worst Peanut Harvest In 30 Years http://apocadocs.com/s.pl?1318344153
Thanks to a failing peanut crop due to last summer's scorching hot weather, there's a shortage of peanuts in supply. Big brands like Peter Pan, Jif and Smucker's are left with little choice but to raise prices, reports the Wall Street Journal.
The price jumps range from 24 to 40 percent, with Jif planning to raise prices by 30 percent in November and Peter Pan by up to 24 percent in the coming weeks, reports MarketWatch Radio.
So far, the Wall Street Journal says, USDA figures show the cost of a ton of unprocessed peanuts has spiked from $450 to $1,150 since last year.
Researchers at New Mexico State University told ABC KOAT News that high heat, strong winds and bone-dry conditions created the worst peanut season in more than 30 years.
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