Maine's lobster industry isn't having any problems with supply these days; last year they caught over 75 million pounds of lobster. But when it comes to getting paid at the dock, prices are frighteningly low. Many lobstermen are only getting $3.25 a pound, much less than last year when the price on the docks hit an eleven year low.
Consumers aren't necessarily seeing lower prices though. Michael Gardner, president of the Gardner Pinfold Consulting in Nova Scotia, says restaurants have kept their prices high to keep diners' expectations for lobster prices high. "They don't want to reduce their prices, because that establishes a lower reference point in the minds of consumers, and then they expect to see lobster and other luxury goods at those low prices," Gardner says.
Do you feature lobster on your menu? How are you treating the price?