Your lobster just got even more expensive. Here’s why

Posted at 9:33 PM, Jun 08, 2015
and last updated 2015-06-08 21:33:11-04
NEW YORK (CNNMoney) — Lobster is once again king, at least when it comes to prices.

After an unusually cold winter, the lobsters that usually swarm the New England harbor in spring just haven’t shown up. With global demand skyrocketing, it means lobster prices could be giving the record books a run for their money this year.

“This is the first time I have had to raise prices in 6 years,” said Susan Povich, owner of Red Hook Lobster Pound in Brooklyn. Povich is selling whole lobsters for $15.99 a pound, compared to $12 last year.

The water temperature in New England hasn’t risen enough for the lobsters to come closer to shore.

“This winter, inshore water temperatures dropped…and many inlets and harbors froze,” said Tom Flanigan, owner of Seaview Lobster, a lobster wholesaler.

In recent years, global demand for lobsters also has hit the roof from places like China. According to the Food Instituted, China imported $90 million worth of lobster in 2014 from the U.S., compared to $2.1 million in 2009, a 4000% increase in just 5 years.

No wonder, prices have risen to record levels, according to Maine Department of Marine Resources

But lobster lovers just need to have a little patience.

The waters will warm up by late July to early August, the lobsters should migrate inland, which will stabilize prices, according to Matt Jacobson, executive director of the Maine Lobster Marketing Collaborative.

So don’t throw away your lobster bib just yet.