Nightly News   |  October 13, 2011

Peanut butter prices to rise sharply

Following a hot, dry summer in peanut-growing state,s peanut-butter makers plan to hike prices for peanut butter significantly in the next few weeks. NBC’s Brian Williams reports.

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This content comes from a Full-Text Transcript of the program.

BRIAN WILLIAMS, anchor: And in the near term, this next item will have as much consumer impact in its own way in American homes as any other. Peanut butter 's about to go up in price big time. The extreme heat and drought in the South has not been good for peanut crops. Today companies including Smucker 's and Kraft were warning they're going to have to raise peanut butter prices 30 to 40 percent next month. Consumers can buy it now to save later on. This goes for a lot of different peanut products.