Peanut Prices Expected To Rise

America's Favorite Lunch Staple Will Soon Cost More

JACKSONVILLE, Fla. – Peanut butter is about to get more expensive.

Reports are that many peanut butter manufacturers are predicting a 30 percent price hike by November because of a lagging peanut crop. The bad crop is because of excessive heat and lack of rain this year. That means this could affect a lot of parents headed to the supermarket.

"Kids eat a lot of peanut butter, makes apples taste good," said mother Andrea Barnett.

Parents like Gina Ranson feel they've found a way to crack the nut problem.

"I usually get it at Costco, the double pack," Ranson said.

Once the price hike goes into effect, the average price of a jar of peanut butter is expected to go up about $1.

According to the United States Department of Agriculture, this year's peanut crop is projected to drop 13 percent from last year. The USDA said 1.14 million acres of peanut crops were planted in 2011, 141,000 acres less than in 2010.