Price of peanut butter rises due to dry summer conditions

POSTED: Monday, October 31, 2011 - 12:58pm

UPDATED: Monday, October 31, 2011 - 1:07pm

If you're at the grocery store, you might do a double take when look at the price of peanut butter.

Big brands like Jif, Skippy, and Peter Pan hiking up those prices after a hot and dry summer devastated this year's peanut crop.

The Wall Street Journal reports that Kraft Foods, which launched Planters Peanut Butter back in June will raise its prices 40 percent today. Jif will increase its price by 30 percent and Peter Pan will mark up its prices by 24 percent in a couple of weeks.

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