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Peanut Butter Prices Skyrocket, Expected To Double

By Shameka Neely

Posted November 1, 2011

Some local stores are trying to avoid increasing peanut butter prices, but droughts in Georgia and Texas are making it difficult.

The U.S. Department of Agriculture says peanut prices have nearly doubled over the past year. Some peanut butter lovers, like Dana Burns say they will still purchase it because it is great for a balanced diet.

"I like it because it tastes good and it's a good source of protein it's a good alternative to some things that I don't want to eat," Burns says. "So that's why I eat peanut butter and I also like the taste."

Peanut prices initially increased about three weeks ago and then on Monday they increased again by 35 percent. Local stores like Bloomingfoods sell more than three tons of peanut butter per year.

"Prices went up actually today to keep from having to up the prices again last week," Nicki Owens, bulk buyer for Bloomingfoods East says. "I ordered a massive quantity of peanuts and we have a storage unit offsite that I kept them in so that we can keep prices down at least until after Thanksgiving so we're trying as hard as we can to keep prices low."

Experts say prices are expected to double again in January.

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Peanut Butter Prices Skyrocket, Expected To Double

By Shameka Neely

Posted November 1, 2011

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