On Halloween, your Planter's peanut butter is going to skyrocket in price; as much as 40%. I predict riots that will make this Wall Street 1% stuff pale in comparison because all of them eat peanut butter (and Ramen) and a whole lot more of us as well. Maybe not. We once thought Americans would not tolerate $4 gas either, cheap gasoline was such an American right that some claimed George Bush went into Iraq for cheaper oil (yet when the price of oil rose, they claimed he went into Iraq to make oil more expensive for his buddies - life is good when you just make stuff up) but people are fine with expensive gas and rampant unemployment so far. CO2 emissions are down, at least, so that is a big win for global warming.
Yet peanut butter may be the straw that breaks that proverbial camel's back.
Kraft apparently doesn't care about America, they care about peanuts, and a ton of runner peanuts shot up to $1,200 from $450 a year ago due to a poor harvest this year. Blame the drought in the southern US when your PB&J becomes a luxury item. The Chinese can't possibly grow enough peanuts in time to save us.
How does a 13% drop in peanuts equate to a 40% increase in peanut butter? It's the miracle of capitalism. In another capitalism miracle, look for Jif and Peter Pan to watch the price increases closely. If Kraft is still selling anywhere near as much Planters peanut butter as they were this week, they'll all raise prices.
Marion Nestle, a nutrition professor at New York University, told CNNMoney less peanut butter shouldn't impact the average consumer. "For the average person in America, it would be a good idea to eat less of almost everything."
I agree, I just wish the drought had impacted broccoli or something I don't like. Next year look for price spikes in soy and corn when all those farmers switch to peanuts.
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