Pub snack prices set to soar after storms cause global shortage of peanuts

SHELLING out on pub snacks and shop treats is set to soar after a 31 per cent rise in the price of peanuts, analysts warned tonight.

Heavy rains in Argentina, a major producer, washed out much of the crop there, causing a global shortage.

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And while much of the increase in costs can be absorbed by ­manufacturers and wholesalers, some will be forced to up the price in shops.

One UK firm, Meridian, has forecast a ten per cent rise in its peanut butter products.

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Commercial director Russell Smart said: “We have contracts ahead but at some point they run out and inevitably we will need to talk about price rises.”

Wholesale costs of peanuts from Argentina are up 31.1 per cent year on year — but in the past month have leapt 16.1 per cent, said trade magazine The Grocer.

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Another reason for the shortage is that some Argentinian farmers have ditched peanuts to grow more profitable alternatives.

Although the South American country is not the only supplier, their shortage has put pressure on growers from other countries to raise their prices too.

There is worse news for cashew fans — The Grocer said their wholesale costs were up 33 per cent year on year from the main exporter, Vietnam.

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However, there is hope for hazelnuts and almonds.

Production in California, the main grower, was down earlier this year but has started to rise.

Their price will stay the same, or at least rise only a little, in the coming months.