Bad news for guacamole lovers, especially on Cinco de Mayo: Avocado prices are through the roof.
Last week, prices for a carton of 48 Hass avocados hit a high of about $78.75 on average, according to ProduceIQ, a digital marketplace for produce buyers and growers, which uses USDA data. That reflects the price for avocados coming into the United States from Mexico at the Texas border."It's been high all year ... and it's maintained historic highs," said Mark Campbell, CEO of ProduceIQ.
People are also reading… And a few months later, Texas Gov. Greg Abbott required"enhanced safety inspections" of commercial vehicles entering Texas for a week. That disruption resulted in hundreds of millions of lost dollars and delays in shipments — and raised avocado prices. That's on top of less rain in the region, which has resulted in lower yields and smaller avocados, said Campbell.
Meanwhile, demand has been strong, noted David Magaña, senior analyst for horticulture at Rabobank. That's not just due to typical spikes around the Super Bowl and Cinco de Mayo, but also because more Americans are interested in in avocados year-round, he said. "Per capita consumption in the US has more than doubled over the last decade," he said."And I still think there is some room for growth."The Peruvian avocado season has started, Campbell noted, which means that overall supply will increase and could bring prices down further. And later this year, the U.S. government will start accepting avocados from Jalisco, another region in Mexico. Previously, the U.S. allowed imports only from Michoacan.
"Consumers are seeing some slightly elevated prices in supermarkets," said David Rossi, fresh produce research analyst at Gro Intelligence, an agricultural data analytics firm. But, he noted, retailers can decide to absorb the cost and lessen the impact on consumers, reducing the impact on shoppers. To fight inflation, take down food expenses.
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