Fairtrade has announced new minimum prices for bananas in an effort to cushion banana farmers from the impact of skyrocketing production and living costs.
The new minimum prices represent an average 4.5 percent increase at farm level, plus an average extra 15 percent increase for producers who export their bananas directly, to cover higher export and packing costs. The increases are the highest in several years.
The announcement comes as economies worldwide grapple with high inflation, a cost of living crisis, and amid spiralling production and export costs for producers. Producers already faced soaring costs in 2021, but they have continued to increase exponentially in 2022.
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