GUILFORD, Conn. (WTNH) — Pricing for lobster is on the rise again and that price may impact your wallet. So, what’s causing it to happen?
“Yeah we’ve been selling lobsters here for 18 years. It’s not a large part of our business, and I’m glad it’s not,” mentioned Michael Lukas, owner of Star Fish Market in Guilford.
If you haven’t found yourself in the market for lobster recently, you might be surprised when you see what’s changed.
“Well it’s probably gone up 25%, 20%,” noted Lukas
And there are a few things to blame for the rise in prices. The first is the weather.
“Well the continuous weather we’re having, especially the wind. They’re definitely earning their keep to go get them but they just can’t find them and they’re kind of in a dormant stage anyway,” said Lukas.
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And despite demand being low this time of the year, supply is even lower as millions of lobsters are shipped overseas to Asian contries.
So, the price of lobster has gone up for the wholesalers around Connecticut, but will restaurant prices rise with it?
Chris Conlin, Owner of Lenny’s Restaurant in Branford, said, “It goes up and down, it goes with supply and demand. Right now, the price is very high, some record pricing is right now.”
And because of the rise in price, consumers may be paying more at the eateries in Connecticut very soon.
“I have not raised the price yet, but this weekend it’s got to go up,” warned Conlin. “We’ve been able to hold it but we’re not going to be able to hold it because demand is going to go up at the end of the week. We’re going to have to go up.”
Business owners do note that it’s the decrease in supply and not price gouging that is causing prices to rise. Thankfully, as Connecticut lobster fisherman get out for the season over the coming months, the supply should rise enough to drop the pricing down right in time for the summer rush.