Limited availability, high demand send seafood prices skyrocketing
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LOS ANGELES (NewsNation Now) — Limited availability and seafood price inflation mean consumers are seeing much less to order or buy at many restaurants and markets.
For example, at Captain Kidd’s Fish Market and Restaurant in Redondo Beach, California, the price of lobster is now $67 per pound. The lobster roll on the restaurant’s menu has gone up by about $5.
Restaurants everywhere have been impacted by a combination of factors including worker shortages, logistical issues and a higher appetite for fresh and frozen seafood among American consumers.
Seafood prices have gone up by more than 17% in the last year. The biggest increases have been on items like crab, halibut and lobster — which is up by 36.5%. While the cost of crab and halibut are both up by more than 28%.
Not everyone is on board with the price increases.
“I’m not buying the $30.99 [halibut]. I’ll do the $24 and probably get two pieces and it will be about $50. and I’ll be like, ‘ugh, I just ate $50 of fish,’” said customer April Abshire.
Another factor is international demand, particularly in China, and that’s cutting into U.S. supply. Average fish prices in China are up by 20%.
