Bananas are in abundant supply despite the recent floods in Queensland, according to the Australian Banana Growers’ Council (ABGC).
ABGC CEO Jonathan Eccles said there was no reason for the price of bananas to increase because sufficient supplies were now being transported from far north Queensland to Brisbane thanks to road transport resuming operations.
“It would be disappointing for consumers if retailers were to take advantage of the situation by raising prices and then blame it on the recent shortage of supply caused by the floods,” he said.
According to market research group, IBIS World, agriculture has been hit hard as a result of the floods, with an estimated $1.6 billion worth of crops having been destroyed. Sugarcane, cotton, some vegetables and grains have also suffered major losses. This is expected to flow on to a short-term price spike for food, with prices expected to rise by up to 200 per cent.