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PETE plastic bottles are good containers that can be used for storage of shelf-stable, bulk dry foods that you normally keep in canisters in your pantry. Normal kitchen canisters do not have air tight seals. As a result, with changes in atmospheric pressure, air and moisture are pumped in and out of the products causing them to become stale more quickly.
Because of their oxygen/moisture barrier qualities, PETE bottles can be used as canisters to better maintain the freshness of stored dry foods. If you want to store these items for a longer time period, the use of oxygen absorbers in the PETE bottles will protect against insect infestation and help preserve quality longer.
PETE bottles are food grade. That being said, this method of food storage should (in my own opinion) be used for short to medium term storage. I say this because after 2 or 3 years of no oxygen the plastic may let oxygen seep through it. I would recommend reading the article in the link below for excellent advice.