NEW YORK - Recent reports revealed that Trader Joe’s upped the pricing on its famous 19-cent bananas, elevating the cost by over 20 percent to 23 cents.
“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,” a Trader Joe’s spokesperson said to CNN.
This is the first time the banana has seen a price increase at Trader Joe’s in over 20 years.
The 19-cent banana is a well-known deal at Trader Joe’s, ranked among the top produce items by the company’s customers. A report by the Food and Agriculture Organization of the United Nations revealed that United States demand for bananas in recent years has been driven primarily by the fruit’s affordability. The report also stated that prices at the retail level remained mostly unchanged in 2023.
According to the Bureau of Labor Statistics, the average price of bananas in the U.S. has remained steady from February 2023 to February 2024, at 62 to 64 cents a pound throughout the year.
Trader Joe’s also reported that it has been able to lower prices for some of its other produce, including raw almonds, Romaine hearts, organic tri-color bell peppers, and green onions.
As the industry continues to feel the pressure of higher input costs, as highlighted by Trader Joe's reasoning, how will this impact the pricing at the negotiating table for vendors?
ANUK will continue to report on this pricing strategy and more.
