These days, the prices of several commodities are likely to inspire a double take. Here’s a look at the commodities with the most noticeable price spikes in recent times.
Ahead of Memorial Day weekend, it was reported that lobster prices were skyrocketing. Steven Kingston, owner of The Clam Shack, based in Kennebunkport, Maine, said he was paying 30% more for lobsters compared to 2019, while Red’s Eats in Wiscasset, Maine, will charge $ 34 per roll of lobster reported MarketWatch (May 31st). A survey of Bangor Daily News When it comes to Red’s Eats pricing, around 81% of readers said it was too expensive for a lobster roll.
Lobster exports from the United States fell 44.6% to just 4,583 tonnes in the first six months of 2020, while Canada suffered a 17.8% drop, the release said. . Canada is also experiencing a “dramatic increase” in international demand for lobster, according to the Lobster Council of Canada. The surge has pushed the costs of a lobster roll to around C $ 40 in some restaurants and further price increases are likely this summer, reported Radio-Canada (June 7). However, the price increases are a sign of a strong lobster market, according to Geoff Irvine, executive director of the Lobster Council of Canada.
Maine’s blueberry harvest could be threatened by warming temperatures. Fields of wild blueberries are warming at a faster rate than the rest of the state, resulting in less water for crops, according to scientists affiliated with the University of Maine, reported MarketWatch (June 5).
A lack of water could result in smaller crops and blueberries that are less likely to survive the harvest. The wild blueberry industry in Maine has struggled in recent years due to last year’s drought as well as market volatility. Farmers produced 47.4 million pounds of wild Maine blueberries last year, the lowest number since 2004.
BUF AND PORK
The food price index recently increased 0.5%, with gradual gains in most categories. The largest increases were reported for pork (+ 2.4%) and beef and veal (+ 1.4%).
In a report byThe Washington Post, Michael Nepveux, economist for the American Farm Bureau Federation, noted the factors contributing to soaring prices: labor shortages in the meat packaging industry following months of downturns and d ‘shutdowns due to COVID-19; an increase in food service replenishment when restaurants reopen; high grain and transportation costs; and strong exports and domestic demand.
For more information on CPI, visit https://foodinstitute.com/economic-articles/ (membership required).