High Priced Lobster
Listen Now: High Priced Lobster
Are you starting to notice something missing from your favorite seafood restaurants? I’m Brian Banmiller on Business.
Like pretty much everything else, the price of lobster is going up. So much so, that some restaurants are raising prices, leading to sticker shock among customers or removing it from the menu entirely. According to Axios in 2021 Maine Lobstermen were selling their catch straight off the boat for almost $7 a pound. that was up 59% from 2020 and 39% from 2019. A monthly magazine in Washington DC reported that some restaurants are charging a hundred dollars, before taxes, for a two pound lobster. Some of those places are lucky, they are so high-end that customers who dine there are expecting high prices, others not so much. Instead, they are removing lobster items from the menu and replacing them with seafood that doesn’t cost as much money. Managers hope this will fill the void for the next month or so. That is when more lobster is expected to come in and hopefully drive down costs and eventually land on your dinner plate. Brian Banmiller, CBS News.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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