Have you noticed how expensive peanut butter is lately? It could get worse, and J.M. Smucker (SJM) is feeling the pain.

Prices jumped by 50.6% in the first quarter, the Bureau of Labor Statistics reports. That reflects a similar price jump for peanuts. U.S. prices have soared 54% in the past 12 months to 34.6 cents a pound, Bloomberg reports.

The problem has been a lack of supply. Farmers in the southeast U.S. suffered from drought, and some moved their acreage to other crops. The tight supply should ease this fall, as Georgia farmers are allocating more land to peanut crops and Argentina is expected to deliver a record crop.

The soaring price of peanut butter has already caused problems for J.M. Smucker, which makes the Jif brand. The company raised peanut butter prices by 30% at the end of last year and saw sales volumes fall as a result.

In general, Smucker's average prices are up 16% from a year ago. That kind of increase is just not sustainable, and Smucker responded earlier this month by cutting coffee prices. Smucker makes Folgers, Millstone and Cafe Bustelo.

But when it comes to peanut butter, don't look for any price cut soon. In its latest quarterly filing, Smucker said peanut butter is just getting more expensive. "Peanut costs are expected to be significantly higher in the fourth quarter than in the third quarter of 2012 as the inventory of lower-cost peanuts is depleted," the company said.

For the three months ended Jan. 31, Smucker said that U.S. sales volume for Jif peanut butter fell by 13%. But the 30% price increase more than made up for it, giving Smucker an overall 17% increase in sales revenue for Jif.

The drop in sales volume was due to a few factors, Smucker said. Shoppers bought peanut butter ahead of the price increase last November. Also, competitors were being aggressive on price. Finally, there price hike has turned off some shoppers.

Peanut butter isn't the only category seeing big price increases. Condiments such as pickles, olives and relishes were up more than 38% in the first quarter as well, according to the Bureau of Labor Statistics. Chicken prices rose by 11%, but fish and seafood prices dropped slightly. Pork chop prices dropped nearly 12%.

Peanut prices may decline this fall, but it will take a while for Smucker to recover. In other words, don't expect an easing of prices on supermarket shelves anytime soon.

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