The Real Deal: Lobster prices stable as consumer price index rises
Good news for seafood fans -- the price of lobster is remaining stable as everything else seems to be going up in price due to a rising consumer price index.
"The price consumer index hit 9.1% for June. We are now at another 40-year high, and we haven't seen prices this high since 1941," Caleb Silver, of Investopedia, says.
Experts say the high index means consumers are spending about an extra $450 per month.
Among the products that have increased the most in price are energy prices.
"Household energy prices really soared in June, and they are up 39.3%," Silver says.
But surprisingly the catch of the day is costing consumers less since few people went out to eat during the pandemic.
Jardar Nygaard, owner of Nordic Fish Seafood and Fresh Fish Market in Fairfield, says retail producers were struggling to fill the freezer with lobster.
"Now it's on less menus. So, now when the volume comes on there is less market for it, so the prices come down a lot, and that is going to be good," Nygaard says.