Why peanut butter is so expensive right now
It no longer costs peanuts to buy peanut butter.
Lester Kiewit speaks to Alfonso Visser, President of SA Peanuts, SA Pecans and Terradam/SA Alfalfa, to find out why the cost of peanut butter has risen so much in recent weeks.
The price of peanut butter, a household staple, is skyrocketing.
Currently, consumers pay between R39.99 and R54.99 for a 400-gram jar of peanut butter, depending on the brand and store; a steep price for what is considered an 'affordable household staple', comments Kiewit.
Visser says South Africa is a net importer of peanuts.
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"More than 50% of peanuts in peanut butter is imported... dependent on international prices of peanuts... and the rand to foreign currency [exhange rate] where peanuts are imported from can also fluctuate prices."
- Alfonso Visser, President - SA Peanuts
Visser says global supply chain disruptions and increasing freight costs boost peanut butter prices.
In February this year, some peanut butter manufacturers recalled products from shelves after regulators found dangerous levels of 'aflatoxins'.
These manufacturers could still be recovering from the effects of this recall, hence the recent increase in peanut butter prices, explains Visser.
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Peanut butter consumers might see a decrease in the price of peanut butter if the rand remains stable, adds Visser.
Additionally, peanut butter prices can come down if producers source ingredients locally.
Visser says consumers can look forward to more affordable peanut butter in future.
"... consumers can look forward to a stabilisation in peanut butter prices."
- Alfonso Visser, President - SA Peanuts
Scroll up to the audio player to listen to the full conversation.