There are a few constants in life: taxes, the inevitable passage of time, and the banana prices at Trader Joe’s. But even that is getting a bit of a shakeup; for the first time in two decades, Trader Joe’s is increasing the price of bananas. Why, and how was it so constant for so long in the first place?
Founded in 1958 as Pronto Markets, Trader Joe’s operates 571 stores across the United States. In 1979, ownership was passed to Theo Albrecht; upon his death, it changed hands to Albrecht’s heirs. While the store’s banana prices remained stagnant, that’s not been the case in other stores. Here’s what officials had to say about this change finally reaching Trader Joe’s produce.
Trader Joe’s has increased its price on bananas for the first time in two decades
Trader Joe’s has increased the price of a single banana from its usual 19 cents to 23 cents, a nine-cent, or 21% increase. A company spokesperson said that changes like this only come about when there is a need for it from other costs increasing.
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“We only change our prices when our costs change,” said a spokesperson for the Monrovia, California chain location, “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.”
“We’ve now reached a point where this change is necessary,” the spokesperson added.
A similar picture elsewhere
Amidst a tide of trends and changes, banana prices enjoyed some stability both in Trader Joe’s and beyond. That hasn’t been the case in recent years, however, reports AP. A pound of bananas has, on average, cost 63 cents; that’s several cents higher than the price at the start of 2020.
2022 saw the greatest spike in post-pandemic banana prices around the globe. In response, retailers fought to keep prices relatively consistent, but it’s been an uphill battle.
“Bananas are a very popular fruit among consumers, so retailers try to keep prices low,” explained Neil Saunders, managing director at research firm GlobalData. “However, prices cannot defy gravity forever and (we are) now starting to see retailers like Trader Joe’s make adjustments.”
What product have you seen go through the biggest price hike over the years?
