Bad news for banana fans - Supply Management

Bad news for banana fans

5 September 2012
When I read the warning from tropical fruit supplier Fyffes, about the soaring prices of bananas and pineapples I had a slight moment of panic – could my daily morning snack be in jeopardy? According to the Fairtrade Foundation bananas are the most popular fruit in the world, with people spending more than £10 billion a year on the yellow crops. The average wholesale price of imported bananas rose from 65p per kg in September 2011 to 98p per kg in March 2012 and the average retail price of bananas has jumped from 84p in July 2011 to 93p in July this year. Transportation, increased fuel prices and even packaging are responsible for this but climate change has a continued ‘boom and bust’ impact on the lifecycle of a banana too. What this will mean for retailers only time will tell, but with Tesco selling approximately 1.5 billion of them each year, they may have cause for concern. As for the rest of us, we may have to start swapping our bananas for blueberries, as the cost of the traditionally more expensive fruit sees a slight fall in costs resulting from the unstable economy.
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