Lobster price shock hits restaurants

As lobster prices soared, restaurants either shocked customers with stickers or removed them altogether from the menu.

Important reason: Lobster price shocks are more than just supply or demand issues. It reflects both — and it’s a microcosm of the US economy.

Get the right market news for your time at Axios Markets. Subscribe for free.

With numbers: Lobsterman, Maine was able to sell its catch directly from the vessel in 2021 for $ 6.71 per pound. according to Maine Department of Marine Resources. This was 59% above the level of 2020, when the pandemic deteriorated, and 39% above the level of 2019.

  • That price increase was in line with the increase in supply — the problem was that supply did not rise enough to keep up with high demand.

  • The £ 108m lobster that landed in Maine last year was comfortably higher than £ 102m in 2019, but well below the levels of the early 2010s.

restaurant I have been forced to adapt.Washingtonian Report This means $ 100 for a £ 2 lobster at DC Steakhouse The Prime Rib. Others go even further.

  • At the Saltline restaurant, we cut lobster rolls from the menu and replaced them with shrimp and asari rolls. “Lobster rolls aren’t that expensive. It’s almost embarrassing to give the cost to guests,” partner Jeremy Carman told Washingtonian.

Do you like this article? Get more from Axios, Subscribe to Axios Markets for free.