After maintaining a 19 cent price for over two decades, Trader Joe’s has raised the price of bananas by 20% to 23 cents due to rising costs.
While acknowledging lower prices on other goods, the company said this longstanding price change demonstrates the severity of current inflation.
“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,” Trader Joe’s stated.
Inflation has remained over the Fed’s 2% target throughout Biden’s presidency.
Grocery costs have risen 21.2% under Biden, posing financial difficulties for many Americans.
The dollar has also lost value compared to January 2020. While some blame corporations for price hikes, most fault lies with Biden, as inflation has reached unacceptable levels and hurt the country during his term.
The significant effects of inflation may make it difficult for Biden to win reelection.
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