Thursday, July 11th 2019, 2:14 pm - Wholesale prices on avocados have increased dramatically year-over-year, due to a seasonal dip in production in California and Mexico coupled with a growing demand for the fruit.
According to CNN, Mexican avocados cost 129% more than this time last year in the U.S. Most of the cost is being passed onto consumers, with retail prices doubling in some places.
“This is the highest price for this time of the year in at least a decade, probably more,” David Magaña, vice president and senior analyst at California's Rabobank told USA Today.
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According to Magaña, the wholesale price was $84.25 for a 25-pound box the first week of July, compared to $37 during the same week last year.
The price spike is expected to be short-lived: Analysts predict the price will regulate in August when production in Mexico picks up.
Sources: CNN | USA Today