Gas prices, no, peanut butter prices rise 40%
My Smucker's natural creamy is now $3.39 at Target and $3.69 at Publix. Both stores raised it one dollar. I had seen several price increases at Target on other things, and decided to wait and get it at Publix, only to discover they also went up.
Poor peanut crop and farmer's concentrating on other crops whose prices have risen.
Prices for a ton of runner peanuts, commonly used to make peanut butter, hit nearly $1,200 this month, according to the U.S. Department of Agriculture. That's up from just $450 per ton a year ago. Overall, the USDA projects that American peanut production will hit 3.6 billion pounds this year, down 13% from last year.
Analysts attribute this drop to the intense heat and drought that hit the southern U.S. this year, as well as to high prices for other crops that led farmers to focus their efforts elsewhere.