The cost of bananas at one specialty grocer has become a little less a-peel-ing.
Trader Joe’s has confirmed to TODAY.com that it recently raised the price of individually-sold bananas from 19 cents to 23 cents, which is an increase of around 20%.
“We recently changed the price of a single banana to 23¢, which still represents a tremendous everyday value for Bananas,” a Trader Joe’s spokesperson tells TODAY.com. “We only change our prices when our costs change, 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.”
Trader Joe’s notes, however, that it was able to adjust costs in other areas, which led the chain to lower its retail prices for a number of other produce items including raw almonds, romaine hearts and Organic Tri-Color Bell Peppers. The chain also notes that its green onions are now 99 cents, which is the lowest price for the item in at least a decade.
While Trader Joe’s is known for its unique food items and its frozen foods section, it also is a wallet-friendly favorite for many shoppers. In January, the grocery store released its 15th Annual Customer Choice Awards Winners. The winner of produce favorite for the fifth time was bananas, citing the California-based retailer's “incredible price.”
As for how everyday folks are reacting to the news, people on social media are predictably apoplectic, with one writing on X, “trader joes u will pay for what u have done (raising the price for bananas).” Another commented that they “do think this officially means the economy is f---ed.”
Unlike other grocers who sell by-the-pound, Trader Joe’s sells its bananas individually, all thanks to the feedback of one clever customer years ago. In the first episode of Inside Trader Joe’s, CEO Dan Bane explained that they previously sold their bananas prepackaged by the pound.
One day Bane was visiting a Trader Joe’s near a retirement home and he noticed that a “nice little lady” look at the packaged bananas but didn't grab one for her cart. When he asked why, the woman said, “Sonny, I may not live to that fourth banana.” Thus, the decision was made to sell the fruit individually the next day.
Trader Joe’s is not the only store that is making headlines for its inflation-related price increases. In late 2023, Chipotle announced that it was increasing prices for the fourth time in two years.
Inflation has also threatened the pinnacle of affordable eatery food: the Costco hot dog, which is still $1.50 for now. However, late in 2023, the big box store said that while its membership prices were staying constant for the time being, a price hike is a matter of “when, not if.”
