Trader Joe’s Raises Banana Prices for the First Time in Over 20 Years

Trader Joe’s has raised the price of its iconic 19-cent banana for the first time in more than two decades, marking a more than 20% increase to 23 cents each. This price change, which was first reported by CNN, comes after years of maintaining the affordable price point on the popular fruit.

A Trader Joe’s spokesperson explained to CNN, “We only change our prices when our costs change, and after holding our price for bananas at 19 cents each for more than two decades, we’ve now reached a point where this change is necessary.”

The 19-cent banana has long been a staple at Trader Joe’s, even earning the top spot in the company’s Customer Choice Awards for produce five years in a row. What sets Trader Joe’s apart is its decision to price bananas individually rather than by the pound, a change it made back in 2001, according to CNBC.

Bananas have remained a beloved and affordable item for many shoppers, despite rising food costs in other categories. They serve as a “loss leader” in many grocery stores, meaning they are priced lower to attract customers, who are likely to purchase other higher-margin products. While the average price of bananas in the U.S. has remained stable between 62 to 64 cents per pound from February 2023 to February 2024, this change at Trader Joe’s marks an important shift in the grocery landscape, as the retailer’s pricing strategy reflects rising costs within the industry.

Though food inflation has recently slowed, grocery store competition continues to drive pricing strategies. However, for many shoppers, even a modest price increase on bananas may feel significant, as affordability continues to be a top concern for U.S. consumers.