Monday, October 10, 2011

Major Peanut Butter Companies Hiking Prices by 40%

The "official" CPI is fudged largely by assuming consumers change their eating habits from filet mignon to ground beef when the price of beef tenderloin doubles.
We wish the bureaucrat charged with spinning and hiding a 40% increase in PEANUT BUTTER the best of luck.  Perhaps the entire US should solely consist on ramen noodles for the benefit of the official CPI numbers?

Peanut Butter Prices Are Rising By 24 to 40 Percent
You can now add peanut butter, a long-time recession staple food item, to the list of things that "the 99 percent" may no longer be able to afford. Thanks to droughts, the price of peanut butter has gone up from $450 a ton to $1,150 a ton in just one year and now peanut butter makers are about to pass on the increased costs to consumers.

The Wall Street Journal reports that wholesale prices for Jif are going up 30 percent beginning in November. Peter Pan will increase its prices by as much as 24 percent in a couple of weeks. Skippy prices are already 30 to 35 percent higher now than they were a year ago, and Kraft Foods Inc., which launched Planters peanut butter in June, is raising its prices by 40 percent on October 31.
Read more: