Trader Joe's changes grocery item price for the first time in 20 years

foxbusiness.com:

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For the first time in decades, Trader Joe's has increased the price of its bananas, underscoring how economic pressures are still impacting consumer finances. 

The grocer, which kept the cost of bananas at 19 cents each for more than two decades, raised the price to 23 cents, a 20% increase. Trader Joe's told FOX Business it still «represents a tremendous everyday value.» 

«We only change our prices when our costs change, and after holding our price for bananas at 19¢ each for more than two decades, we’ve now reached a point where this change is necessary,» the company said in a statement. 

WHY ARE GROCERIES STILL SO EXPENSIVE?

The company simultaneously argued that while it had to up the price of the fruit, it had been able to «negotiate costs for a number of our products, and have lowered our retail prices accordingly.» 

It cited examples such as raw almonds, which decreased by a dollar. The cost of romaine hearts and organic tri-color bell peppers are down 50 cents. 

Trader Joe's does not have sales, coupons, loyalty programs or membership cards. (Michael Siluk/UCG/Universal Images Group via Getty Images / Getty Images)

Green onions cost 99 cents, which is the lowest price in at least a decade, according to the company. 

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The Labor Department reported that inflation rose more than expected in January thanks to a jump in grocery and housing costs. 

Grocery items are offered for sale at a supermarket on Aug. 9, 2023, in Chicago. (Scott Olson/Getty Images / Getty Images)

The consumer price