Treasury Secretary Scott Bessent said Wednesday that the Trump administration will soon announce actions that will reduce prices on some grocery items.

"You're going to see [a] substantial announcement over the next couple of days in terms of things we don't grow here in the United States. Coffee, coffee being one of them. Bananas, other fruits, things… that will bring the prices down very quickly," Bessent said during an interview on "Fox & Friends."

Food costs remained elevated this year, increasing 3.1% in September from the same period a year ago. Bananas and coffee rose 6.9% and 18.9% on an annual basis, respectively.

The U.S. grows bananas in Hawaii and Florida, but commercial production is limited and most bananas are imported from countries where labor is cheaper and land costs

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