Inflation has hit Trader Joe's affordable bananas.
The Monrovia-based grocery store chain confirmed on Monday that it had raised the per-capita cost of bananas for the first time in more than two decades, from 19 cents to 23 cents, or a 21% price hike.
In a statement, Trader Joe's spokeswoman Nakia Rudd said the recent price change “continues to represent a tremendous daily value for bananas.”
“We only change our prices when our costs change, and after holding the price of bananas at 19 cents for more than two decades, we have now reached a point where this change is necessary,” Rudd said.
Although it seems small, the price hike represents more than just four pennies.
Trader Joe's is one of the most affordable grocery chains in the country, and the one-price fruit is one of the company's most beloved products. The 19-cent banana was voted Best Product at the 15th Annual Trader Joe's Customers' Choice Awards.
The change also reflects a broader national trend. Although the U.S. economy is generally strong, groceries have become more expensive since the COVID-19 pandemic, when inflation rose and everyday food prices suddenly rose.
In 2022, grocery prices rose 11.4%, according to the USDA. The war in Ukraine and bird flu exacerbated already high inflation costs.
This trend continued in 2023, when supermarket and grocery prices rose another 5%. Food inflation is expected to slow in 2024 but will still be slightly higher than a year ago, according to the administration.
The average price of a pound of bananas was 58 cents in March 2020, according to the U.S. Bureau of Labor Statistics, but it had risen to 63 cents by February 2024.
Although Trader Joe's bananas are now more expensive, the company has been able to lower prices on other popular items, Rudd said.
This includes raw almonds, down $1 to $3.99 per pound; Roman hearts were reduced by 50 cents to $2.99; The price of organic tri-colored bell peppers was reduced by 50 cents to $4.49. Green onions are now at 99 cents, “the lowest we've had in at least a decade,” Rudd said.
But change takes time. As of early Monday evening, Trader Joe's website was still boasting 19-cent bananas.
The website says: “Gosh, if you're feeling really energetic, you can buy a big bunch of five beautiful bananas for less than a dollar!”
