Trader Joe’s raises banana prices for the first time in more than 20 years

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Trader Joe’s has raised the price of one of its most popular products: bananas. The national grocery chain recently raised the price of its bananas from 19 cents to 23 cents — a big change in the sense that this is the first time the market has increased the price of the fruit in more than 20 years.

A TJ’s spokesperson told CNN, “We change our prices only when our costs change, and after pricing bananas at 19¢ per banana for more than two decades, we have now reached the point where it Change is necessary.”

The 19-cent fruit has been a popular store item for years, with many consumers praising it as the number one product in TJ’s annual Customer Choice Awards. TJ’s bananas – both non-organic and organic options – have won the same award five times, making it a potential addition to the store’s Hall of Fame.

According to the Bureau of Labor Statistics, the average price of bananas in the US has remained fairly stable from February 2023 to February 2024: 62 to 64 cents per pound throughout the year. According to a 2023 report by the Food and Agriculture Organization of the United Nations, demand for bananas is largely driven by the fruit’s relative affordability. The report said banana prices remained “virtually unchanged” in 2023 due to “fierce competition” in the national retail market and the role of bananas as a loss leader – a product that is deliberately priced low to attract customers. Is sold on.

Although TJ’s has raised prices on bananas, the grocer said it has lowered prices on other produce items like romaine hearts, bell peppers and green onions.

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