Wall Street Journal
NEW YORK—J.M. Smucker Co. is raising prices on Jif peanut butter products 30% starting in November due to a weak peanut crop that has sent costs higher, President and Chief Operating Officer Vince Byrd said Wednesday.
The company will also raise prices 4% on its namesake fruit spreads in November.
The sharp increase in peanut butter prices comes as Smucker finds itself facing yet another weak peanut crop.
"The 2011 crop is ... being challenged due to poor weather conditions," Mr. Byrd said at a Barclays Capital consumer conference. "Our peanut costs will be significantly higher."...[Full Article]
