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In the European Union, Switzerland, Norway and Iceland, Chiquita's average banana prices rose 5 percent on a local currency basis (down 3 percent on a U.S. dollar basis) in the first two months of the 2006 first quarter, compared to the same period a year ago. The company attributed the higher average European prices in 2006 to a strategic shift in sales to more premium Chiquita-label fruit, which sells at significantly higher prices than the company's second-label fruit, in addition to the impact of higher tariffs and other industry costs.
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