U.S. inflation is sinking Canadian lobster and snow crab prices – U.S. consumers giving up pricey seafood

The price of Canada’s two most valuable seafoods is crashing this year as consumers recoil from the impact of rising inflation. The price of snow crab has plummeted in 2022 between 60 and 65 per cent while lobster prices have fallen about 35 per cent. Demand that had built up during the pandemic for all types of frozen and fresh seafood powered the Nova Scotia industry to a record-breaking year in 2021 with revenues reaching $2.5 billion, led by the two shellfish. But high prices for frozen snow crab and frozen lobster, along with a modest increase in the price of live lobster last year, are melting in 2022. “And the reason is that consumers backed away from the high prices at the same time that they began to be buffeted by these other problems of high gasoline prices, inflation and concern about lack of economic support,” John Sackton said. >click to read< 09:48

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