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HomeBusinessTrader Joe's increases banana prices for first time in 20+ years.

Trader Joe’s increases banana prices for first time in 20+ years.

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Trader Joe’s has recently made a significant change by raising the price of one of its flagship products: bananas. After keeping the price steady at 19 cents for over two decades, the popular grocery chain has increased the price to 23 cents, citing the need to adjust prices in response to changing costs. This price increase marks the first time in more than 20 years that Trader Joe’s has adjusted the cost of bananas, a fruit that has been a favorite among customers and a consistent winner of the store’s Customer Choice Awards.

Despite the price hike for bananas, Trader Joe’s has also made adjustments to the prices of other produce items, lowering the costs of items such as romaine hearts, bell peppers, and green onions. The decision to raise the price of bananas comes at a time when the average price of bananas in the US has remained relatively stable, fluctuating between 62 and 64 cents per pound from February 2023 to February 2024. This stability in banana prices has been attributed to factors such as fierce competition in the national retail market and the strategic positioning of bananas as a loss leader, which attracts customers with its affordability.

Trader Joe’s bananas have long been a customer favorite, earning the title of the number one produce product in the store’s annual Customer Choice Awards multiple times. Both the non-organic and organic banana options have been recognized for their quality and value, earning a place in the store’s hall of fame. The decision to raise the price of bananas reflects the grocery chain’s commitment to adjusting prices in line with changing costs, while also ensuring a balance in pricing across its range of produce items.

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