When food banks stop stocking peanut butter because it’s too costly, you know you’re seeing a disturbing trend. The average price of peanut butter has gone up approximately 57%, according to one food bank, and that means smaller portions or fewer hungry people served.
Again, it’s more than complex global currency trends here — hot weather in states like Texas and Georgia hurt this year’s peanut crop. Also, farmers switched to more profitable crops and cut down on supply. The result is a peanut shortage and sky-high prices of Skippy, Peter Pan and Jif.