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Holy Peter Pan! Peanut butter prices are going up

Bob Andres / AP

Prices for peanuts are skyrocketing, so shoppers will be seeing the cost of peanut butter soar soon.

Will moms be skipping the Skippy?

The price of peanut butter, that American lunch bag staple, is going up, The Wall Street Journal reported Tuesday. The reason: peanut prices have skyrocketed after a hot, dry summer decimated the crop.

According to the Journal, the price for J.M. Smucker Co's Jif is going up 30 percent beginning in November and the price of Conagra's Peter Pan brand will rise 24 percent in the next few weeks. The paper said Unilever, which owns the Skippy brand, would not comment on pricing, but a spokesman for Wegman's Food Markets said it's paying up to 35 percent more for wholesale, including Skippy, than it did a year ago.

Prices for Kraft's Planter's brand will rise 40 percent at the end of the month.