Avocado prices soar to record highs

(Vladislav Nosik/Dreamstime/TNS)
Caption
(Vladislav Nosik/Dreamstime/TNS)

Poor avocado harvests are causing prices to sky rocket in grocery stores across the U.S.

Wholesale prices increased 75 percent since mid-July to around $80 for a case of 48 Hass avocados, according to the American Restaurant Association. The Wall Street Journal reported that the crop in California was smaller this year and Mexico also saw a tough season for growth after rain delayed a large portion of the harvest.

“There’s just not enough supply out there,” David Maloni, president of the American Restaurant Association, told the Wall Street Journal.

» Queso is coming to Chipotle next week: 5 things to know

The shortage of avocados could also impact prices at popular fast food chains like Chipotle, which spends 10 percent of its food costs on avocados, according to Credit Suisse.

More than 77,000 retailers sell avocados in the U.S., according to the Hass Avocado Board. Millennial households are more likely to buy avocados and spend more on avocados than non-millennials. Millennials spend 22 percent or more per occasion.

Read more here.

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