Trader Joe's increases banana prices for 1st time in 20 years

Trader Joe’s banana prices have held at 19 cents each for over 20 years. Until now.

The bananas are now priced individually at 23 cents.

The more than 20% increase was enacted because Trader Joe’s reached a point where the change was “necessary,” a spokesperson told CNN.

“We only change our prices when our costs change,” the spokesperson said.

Trader Joe’s has been well-known for its 19-cent bananas — and they were ranked No. 1 in the produce category of the store’s 15th Annual Customer Choice Awards in January.

Customers can purchase the now 23-cent bananas in one of Trader Joe’s three Pittsburgh-area locations, including East Liberty, Upper St. Clair and McCandless.

Trader Joe’s told FOX Business that the new price still “represents a tremendous everyday value.”

According to a 2023 report by the Food and Agriculture Organization of the United Nations, demand in recent years for bananas in the United States has been driven primarily by the fruit’s affordability compared to other fruits. Retail prices of bananas remained pretty much unchanged in 2023, the report said.

“That’s because of fierce grocery store competition and bananas’ role as a loss leader, or an item that is purposefully priced lower to attract customers and encourage them to buy more expensive products,” CNN reported.

The average price of bananas nationally has remained steady from February 2023 to February 2024, according to the Bureau of Labor Statistics, at 62 cents to 64 cents a pound throughout the year.

Experts from the World Banana Forum warned in March that climate change and rising temperatures can drive up banana prices, CBS News reported.

As temperatures increase beyond optimal levels for banana growth, there’s a heightened risk of low yields, Dan Bebber, a British professor who is one of the leading academics on sustainable agriculture and crop pathogens, told CBS News on Tuesday from Rome.

“Producers like Guatemala, El Salvador and Costa Rica will see a negative impact of rising temperatures over the next few decades,” he said.

Some other countries, including major banana producer Ecuador, currently appear to be in a “safe space” for climate change, he told CBS News.

Though banana prices saw a historic increase, the prices of other produce were able to be lowered. Among them are raw almonds, romaine hearts, organic tri-color bell peppers and green onions, CNN reported.

Raw almonds decreased by a dollar, romaine hearts and organic tri-color bell peppers decreased 50 cents, and green onions are 99 cents, which is the lowest price in at least a decade, according to FOX Business.