First, bacon lovers were hit with skyrocketing prices for their favorite breakfast accompaniment, now lunchtime is taking a hit with a report from the Kansas City Star that a peanut shortage will cause peanut butter prices to skyrocket.
The article reports that prices are expected to rise by 30 percent by November. Time.com says the wholesale price of peanuts has already gone from $450 a ton to $1,150 per ton.
Ouch.
So what’s to blame for this tragic turn of events?
Well, there seems to be two main reasons: rising cotton prices made farmers take notice and plant more cotton – and less peanut – plants than normal this past growing season and consumption of peanut butter has gone up 10 percent in recent years, according to the agricultural economist quoted in the story.
The good news is that the prices should be temporary. Once spring arrives, farmers will be able to plant more peanuts and get back to normal production levels, bringing prices back down.
That’s good news for every elementary school in America – and every armchair peanut butter aficionado (I’m looking at my sister, Amy, whose love of peanut butter knows no bounds).