Do food labels exhibit real info about elements?

Yesterday, my dad bought a jar package of peanut butter the ingredients info on food label is given like this: Made from Peanuts, Sugar, Palm Oil, Contains 2% or less of: Salt, Molasses. I have been arguing with my family over confusing food levels. The products contain a preservative that’s why it remains best for a year etc. Also they never mentioned preservative, dyes, artificial flavors, etc on products’ food labels. I want to know that: Do food labels exhibit real info about elements? Please tell me all related facts.

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