The Monrovia-based grocery chain confirmed Monday it had raised the individual cost of bananas for the first time in more than two decades, from 19 cents each to 23 cents, or a 21% price hike.
In a statement, Trader Joe’s spokesperson Nakia Rohde said the recent price change “still represents a tremendous everyday value for bananas.”
“We only change our prices when our costs change,” Rohde said, “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.”
Although seemingly small, the price bump represents more than just four pennies.
Trader Joe’s is considered one of the more affordable grocery chains in the country, and its single-priced fruit one of the company’s most beloved products. The 19-cent banana was voted the top produce item in the Trader Joe’s 15th Customer Choice Awards.
The change also reflects a broader national trend. Although the U.S. economy overall is strong, groceries have become more expensive since the COVID-19 pandemic, when inflation took off and everyday food prices suddenly surged.
In 2022, grocery prices increased by 11.4%, according to the U.S. Department of Agriculture. The war in Ukraine and the avian influenza, or bird flu, compounded already skyrocketing inflation costs.
The trend continued in 2023, when supermarket and grocery prices bumped up another 5%. Food price inflation is expected to slow in 2024 but remain slightly higher than a year ago, according to the department.
The average price of a pound of bananas was 58 cents in March 2020, according to the U.S. Bureau of Labor Statistics, but had increased to 63 cents by February 2024.
Rohde said that although Trader Joe’s bananas now cost more, the company was able to lower prices for other popular items.
That includes raw almonds, down a dollar to $3.99 per pound; romaine hearts were cut 50 cents to $2.99; and organic tri-color bell peppers were reduced 50 cents to $4.49. Green onions are now 99 cents, “our lowest price in at least a decade,” Rohde said.
But change takes time. As of early Monday evening, Trader Joe’s website still boasted its 19-cent banana.
“Heck, if you’re feeling really wild,” the website says, “you can buy a big bunch of five beautiful bananas for less than a buck!”