A presentation was given this week at the annual Nova Scotia Department of Fisheries and Aquaculture Minister’s Conference by US Analyst and founder of SeafoodNews John Sackton that shows lobster prices have been in decline recently due to inflation.

As a premium product Sackton says American consumers are refraining from purchasing expensive seafood as they deal with the impacts of inflation. Primarily he says it’s impacting lobster and snow crab.

In the case of lobster, since reaching all-time high prices at the outset of the year they have dropped by about 35 per cent due to the decline in demand, for snow crab, it’s even worse with prices dropping between 60 and 65 per cent.

Although Sackton said that demand remains strong for Atlantic lobster in Asian markets, he said demand in the US could drop even further, as inflation continues to rise.

Also a concern for those in the lobster industry is how the opening of the season, which for most Atlantic Canadian lobster fisheries takes place in the late fall will further impact prices. During Sackton’s presentation, he suggested as lobster pounds replenish their stocks prices could be driven even lower.