Banana prices following Cyclone Yasi
The recent cyclone in Far North Queensland has caused substantial damage to banana crops, which will severely affect availability and prices in the weeks and months to come.
Woolworths has increased the shelf price of bananas to $5.98 per kilo. The price increase is in line with recent wholesale market price.
Woolworths' price also reflects the fact that they have retrospectively more than doubled the payments made to banana growers in the last seven days to the tune of over $3.9 million to help compensate them for crop damage caused by the cyclone. Backpaying farmers in this way will assist them to recover faster and survive the short-term financial impact of crop shortages.
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