Banana Prices in Canada Begin to Be Affected by Inflation

The price of bananas has remained relatively stable over the past few decades in Canada, with the average retail price in 2023 at USD 0.42/lb (CAD 0.57/lb). However, with inflation affecting all grocery items, the lack of price increases for bananas has put pressure on retailers’ gross profits. Despite this, retailers have been hesitant to raise the price of bananas due to their reputation as valuable items. The challenge now is for a major retailer to gradually increase the price until it becomes more profitable without alienating customers, as some are experiencing losses on this item for the first time. It remains unclear whether the predicted increase in food prices in 2023 will include more price increases for bananas across the major retail grocery chains.