NEW YORK (NEWSnet/AP) — Trader Joe’s recently increased the cost for a single banana to 23 cents, a 4-cent jump from the grocer’s previous rate, which had remained unchanged for more than 20 years.

“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,” a spokesperson said.

Bananas have stayed relatively affordable over time, with average global price never exceeding more than about 80 cents per pound. But some jumps have occurred in recent years.

In the U.S., the cost of a pound of bananas averaged at about 63 cents in February. That’s only 3 cents more than it was a decade ago, according to government data, but about 6 cents higher than prices reported at the start of 2020.

“Bananas are a popular fruit among consumers, so retailers try to keep prices low, said Neil Saunders, managing director at research firm GlobalData. “However, prices cannot defy gravity forever and (we are) now starting to see retailers like Trader Joe’s make adjustments.”

One of the main causes of the increase is the rising cost of banana-farming, Saunders added, noting that cost of fertilizer, pesticide and transportation has risen due to general inflation.

Demand for bananas has been growing, too, he said. That creates an imbalance with supply as exporters face pressure of higher cost.

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