Trader Joe’s Hikes Banana Price - Is Other Fruit About to Increase Too?

SAVING & SPENDING - MANAGE MONEY NEWS
Trader Joe's raises prices of this fruit after 20 years. Here's what you need to know.
Updated March 29, 2024
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car parking outside trader joe's

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For over two decades, Trader Joe's famously low-priced bananas have been a beacon of affordability for budget-conscious shoppers looking to save money on groceries.

The grocer’s beloved individually-sold bananas are finally seeing a price increase. The price of a single banana jumped from 19 cents to 23 cents, reflecting a roughly 21% increase.

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What this means for your wallet

Brent Hofacker/Adobe yellow colored fresh raw organic bananas on plank for sale at store

Bananas are often seen as a price indicator for overall grocery costs, and this increase could signal a trend of rising grocery prices in general.

If you normally buy 2 dozen bananas at Trader Joe's, that means your cost is going from around $4.80 (2 dozen x 19 cents/banana) to roughly $5.52 (2 dozen x 23 cents/banana). That's a jump of $0.72.

Banana price hike: A sign of things to come for grocery bills?

JackF/Adobe woman picks ripe bananas at grocery supermarket

woman picks ripe bananas at grocery supermarket

A report from the USDA's Food Price Outlook 2024, says the overall food price increase is predicted to be around 2.5% over last year, with grocery store food prices rising at a rate of 1.6% in 2024.

So, what does this mean for your grocery bill? It's likely that other grocery stores will follow suit and raise their banana prices as well. Bananas are a high-volume, low-margin item, so even a small price increase can have a ripple effect throughout the grocery industry.

Rethinking your grocery habits

InputUX/Adobe man shopping for groceries in a supermarket

Even with the sticker shock of pricier bananas and the looming possibility of other foods increasing in price, there are ways to stay on budget:

  • Taking the time to plan your meals for the week can help you avoid impulse purchases and ensure you're buying only what you need and you eat it all before it spoils.
  • There are plenty of other healthy and affordable fruits available. Certain apple varieties would be great budget alternatives.
  • Many grocery stores offer discounts on "imperfect" produce that might have cosmetic blemishes but are still perfectly safe to eat. These discounts can be significant, allowing you to stretch your grocery budget further.

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The bottom line

monticellllo/Adobe shopping trolley full of grocery standing inside supermarket

The end of the era of the ultra-cheap Trader Joe's banana is certainly a disappointment for many shoppers. However, by being flexible and planning your grocery shopping strategically, you can still find ways to save money on healthy produce and keep more cash in your wallet.

Editor's Note: Generative AI tools helped write this story.

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Author Details

Maneesha Tiwari With more than seven years of experience managing content and editorial teams, Maneesha is passionate about news and how to help her audience navigate the ever-changing landscape of personal finance. She previously served as a journalist for Reuters, where she covered the stock market.

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