1. Stir together flour, baking powder, and salt. Set aside.
2. Combine KELLOGG'S RAISIN BRAN® cereal and milk in small mixing bowl. Let stand 1 to 2 minutes or until cereal is softened.
3. In large mixing bowl, beat peanut butter and sugar until well blended. Add egg. Beat well. Mix in cereal mixture. Stir in flour mixture. Stir in peanuts. Spread batter evenly in greased 9 x 5 x 3-inch loaf pan.
4. Bake at 350° F about 1 hour or until wooden pick inserted near center comes out clean. Remove from pan. Cool completely on wire rack before slicing.