The days of $18 avocado toast may be over — at least for now.
Due to a surplus of fruit, wholesale prices have fallen, as a result of which supermarkets have also lowered prices.
Meanwhile, grocery costs rose 13% in September compared to last year, according to the Bureau of Labor Statistics, meaning avocados are one of the few items in the market that is getting cheaper, while everything else continues to rise.
While avocado prices peaked at the end of June, the wholesale price of 48 medium-sized avocados fell by 35% year-on-year, said David Magana, senior fresh produce analyst at Rabo AgriFinance. CNN.
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The surplus crops are partly due to Mexican farmers having a better-than-normal crop this year, as well as reduced demand for avocados in European markets, meaning much of the surplus ended up in the US, Richard said. Kottmeyer, general manager of food, agriculture and beverage with FTI Consulting, per CNN.
While it’s unclear how long the avocado glut will last, Magana told the outlet the surplus should seep well into the middle of 2023, assuming there are no unpredictable temperature changes affecting production — so enjoy the discounted luxuries. as long as you can.