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Hold the bread and the jelly — the price you pay at the grocery store for two popular peanut butter brands is about to increase, along with other items.
Between 1997 and 2022: Peanut butter experienced an average inflation rate of 2.44% per year . This rate of change indicates significant inflation. In other words, peanut butter costing $2.48 in the year 1997 would cost $4.53 in 2022 for an equivalent purchase.
Organic peanut butter with no hydrogenated oils and other artificial flavors can be found at a cost of $4 to $10 per jar. The organic Powdered Peanut Butter manufactured by PB2 retails for $8 to $15 per jar while popular Skippy Peanut Butter retails at a cheaper price of just up to four dollars.
(Related: Grocery Shortages To Expect in 2021, According to Experts .) “In this case, and particularly in peanut butter, it was very clear that we were experiencing cost pressure and could demonstrate that to our trading partners and so forth,” J.M. Smucker’s CEO, Mark Smucker, said last November.
What happens if chicken prices go up?
If chicken goes up, everything else goes up — beef and pork as well. So that’s why a lot of people are seeing higher prices at the meat counter, bakery same thing,” Charlebois said. While a five per cent cost increase for groceries may not sound like a major jump, it can add up.
The report estimated that Canadian families could be paying as much as $695 more for food in 2021 — the highest increase ever predicted by an annual food price report. Charlebois says climate change is also a major factor in food price increases, as rising temperatures have made it harder and more expensive to grow certain crops in Canada.
While these practices would help mitigate increasing food prices , Charlebois acknowledged that more investments in the agriculture sector are needed for farmers to implement them. “Farmers are very much aware of what’s going on with climate change and they’re becoming more strategic about how to mitigate risks,” he said.
What is the global peanut butter market?
Attributing to market drivers, the global peanut butter market to exhibit moderate growth during 2021-2026. Peanuts are an essential crop grown worldwide and are commercially used for the production of oil, butter, flour, confections and snack products.
Amongst these, peanut butter is one of the most consumed food spreads and is made by grinding and dry-roasting peanuts. It is an energy-rich product, which is usually marketed as a substitute for milk butter.
With rising obesity rates, consumers across the globe have started shifting towards healthier breakfast and snack options. For instance, in the UK, peanut butter is expected to overtake the sales of sweet spreads, like jam, as they are being targeted by the Public Health England (PHE) under the sugar reduction plan.
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