One of the most affordable staples of Trader Joe’s will be significantly more expensive.
The boutique grocery chain has increased prices on bananas, with prices remaining stable at 19 cents per banana for more than 20 years. The fruit now costs 23 cents, a small increase compared to the actual dollar, but a 21% increase in price.
The Trader Joe’s banana was similar to this Costco Hot Dog – an inexpensive food item that attracted people to the store. It was immune to inflation for so long that many customers thought there would never be a price increase. However, store employees say the move was necessary.
“We recently changed the price of a single banana to 23 cents, which still represents tremendous everyday value for bananas,” the company said in a statement. “We only change our prices when our costs change, and after keeping our price on bananas at 19 cents apiece for more than two decades, we are now at a point where this change is necessary.”
Overall, banana prices have remained largely stable over the past year, but the World Banana Forum has warned against this could soon be on the rise due to climate change as temperatures in prime growing regions rise above optimal growth levels.
This isn’t the first time Trader Joe’s has adjusted a seemingly untouchable price. Eleven years ago, the grocery store was forced to raise the price of its house wine, which customers lovingly called “Two Buck Chuck” at the time. Since then, the company has increased the price of this wine several times, and today a bottle of Charles Shaw wine costs about $4.50 — still significantly less than other brands, but it doesn’t roll quite as easily from the tongue.
As banana prices rise, Trader Joe’s notes that prices on other items have recently been reduced. Raw almonds are now $3.99 per pound, a $1 discount. Romaine hearts are now 50 cents cheaper at $2.99, while organic tri-color peppers saw the same price reduction to $4.49. And scallions are at their lowest price in at least a decade, at 99 cents.