Southern drought driving peanut prices higher

Ask most kids and they'll tell you that peanut butter and jelly is a favorite.

But parents will soon have to pay more for peanut butter and maybe even Nutter Butters.

A drought in the southern U.S. is creating a shortage for peanuts, dramatically driving up the price almost 300 percent in the last year, from $450 a ton to nearly $1,200 a ton.

That translates to higher peanut butter prices.

Jif brand will hike prices up to grocers 30 percent in November, while others say it could be as much as 40 percent. Grocers will then pass the increase on to consumers.

Peanut butter and jelly are such staples in American households that an average kid will eat about 1,500 PB&J sandwiches by the time he reaches high school.

While peanut butter is the most popular peanut product, peanuts at the ball game could get more expensive and so could French fries, which are often fried in peanut oil at restaurants.

The higher prices aren't expected hit for a couple of more weeks.

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