Trader Joe's upped the price of its bananas for the first time in decades. Here's why

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In contrast to other foods more heavily impacted by inflation, bananas have stayed relatively affordable over time — with average global prices never exceeding more than about 80 cents per pound. Around the world, banana prices saw their most notable pandemic-era spikes in 2022 — with the global average price per metric ton increasing by more than $520 over the course of that year, according to the Federal Reserve Bank of St. Louis, citing International Monetary Fund numbers. “Bananas are a very popular fruit among consumers, so retailers try to keep prices low,” Neil Saunders, managing director at research firm GlobalData, notes. “However, prices cannot defy gravity forever and now starting to see retailers like Trader Joe’s make adjustments.” One of the main reasons behind these increases is the rising cost of farming bananas, Saunders added, noting that fertilizer, pesticide and transportation prices have all gone up due to general inflation.