Mar 26, 2024 - Business

Trader Joe's hikes banana price for first time in decades

Trader Joe's store front

The price of Trader Joe's non-organic bananas is now 23 cents apiece. Photo: Kelly Tyko/Axios

Trader Joe's has increased the price of bananas for the first time in more than two decades.

Why it matters: The fruit that has defied the grip of food inflation has been hit by a 4-cent hike "by the each" at the store — a more than 20% increase.

  • Trader Joe's banana price is now 23 cents apiece up from the 19-cent price set in place in the early 2000s.

What they're saying: "We recently changed the price of a single banana to 23¢, which still represents a tremendous everyday value for Bananas," Trader Joe's said in a statement to Axios.

  • "We only change our prices when our costs change, and after holding our price for bananas at 19¢ each for more than two decades, we've now reached a point where this change is necessary," the company said in its statement.

Between the lines: The average monthly price for a pound of bananas was 63 cents in February, government data shows, about 3 cents higher than a decade ago.

  • The U.S. imports more bananas by volume than any other country, according to the Food and Drug Administration. Despite their popularity, bananas are significantly cheaper than their peers in the fruit world, Axios' Deena Zaidi reports.

Trader Joe's price drops 2024

State of play: Trader Joe's also says it has rolled out lower prices to stores. The company told Axios it has "been able to negotiate costs for a number of our products, and have lowered our retail prices accordingly."

By the numbers: Trader Joe's provided four examples of lower prices.

  • Raw almonds are now $3.99 a pound, a $1 drop.
  • Romaine hearts dropped 50 cents to $2.99.
  • Organic Tri-Color Bell Peppers are $4.49, also a 50-cent reduction.
  • Green onions are 99 cents, which the company called "our lowest price in at least a decade."

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