Trader Joe's Increases Banana Prices for First Time in Over 20 Years Due to Rising Costs

Trader Joe's recently raised the price of bananas by 4 cents to 23 cents per banana, the first price increase in over 20 years
The average price of bananas has increased modestly over the past decade, up about 6 cents per pound since 2020
Global banana prices saw bigger spikes in 2022, increasing over $500 per metric ton according to IMF data
Reasons for increasing prices include rising farming costs for fertilizer, pesticides, and transportation due to inflation
Growing demand and unfavorable weather conditions are also putting pressure on banana supplies and driving up costs