Banana’s price hiked by Trader Joe's for the first time in 20 years

Trader Joe's has increased its banana prices by about 20% for the first time in over 20 years, potentially causing sticker shock for customers.

Customers at Trader Joe's may get sticker shock the next time they purchase a banana because the store has raised prices for the first time in more than 20 years. A single banana now costs twenty-three cents, an increase of about twenty percent. Trader Joe's only adjusts prices in response to changes in costs, according to a company spokeswoman. While the rate of inflation has decreased, food prices have remained stubbornly high.

Trader Joe's did not provide specific explanations for the price hike. According to media reports, by the end of 2023, customers would have spent about 20% more on groceries than they had in 2021. Sugar and cocoa are two examples of goods whose costs are growing. Futures for a pound of sugar are up nearly 8% in 2024 after rising 2.7% in 2023.

Additionally, the majority of the world's cocoa is grown in West Africa, where rising temperatures are stressing and harming crops, which is why cocoa prices have lately reached record highs. The U.S. Bureau of Labor Statistics reports that banana prices have remained stable from February 2023 to February 2024, with Trader Joe's experiencing an increase. Experts at the World Banana Forum warned that climate change is likely to drive up global banana prices, despite the unclear cause of the increase.