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BY MILA MIMICA
ANCHOR CHRISTINA HARTMAN
You're watching multisource business video news analysis from Newsy.
Making a PBJ? Might need to start checking the prices of peanut butter. Washington DC’s WUSA explains the American lunch staple may not be so affordable in a couple weeks.
“Peanut butter could take a big chunk out of your wallet this year. Experts expect the prices to go up by 24-46 percent next month.”
The situation - which you could call sticky - was caused by dry weather last summer. And according to LA Times, it will affect 90 percent of US households that consume peanut butter.
“Americans eat about 1.5 million pounds of peanut products annually. The industry, according to the National Peanut Board, contributes more than $4 billion to the domestic economy each year.”
That’s a lot of peanut butter. To which a writer for the Gothamist says the price won’t stop the fattest country on the planet from eating it. He says by now Americans should be used to it.
“Part of the reason that the "end" of the recession has not been felt by the average American is that the price of food and oil-based products keep rising while salaries have not. And it is going to got worse before it gets better.”
And The Wall Street Journal explains peanut butter producers are taking precautionary measures during the shortage.
“Some of them have slowed down on promotions. Discourage people I guess from buying the peanuts. Smuckers, which is the largest peanut butter buyer in the world, they make Jif along with their own brands, they’ve discontinued making some of their varieties until they get clarity on next year’s peanut crop I suppose.”
Transcript by Newsy.
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