Lobster prices sinking fast in US

Customers are now getting lobster food at cheap rates because lobster prices have dropped like an anchor this season, thanks in part to an economy that favors mac ‘n’ cheese over creme brulee. Some bargain hunters in southern New Jersey have snatched up live lobster for as little as $5 per pound.

Any time the price comes down, which is certainly good for customer but it will definitely hurt the fisherman,” said Keith Laudeman, owner of the Lobster House, a Lower Township restaurant that specializes in all things seafood. Industry observers blame the lobster-price crash on a variety of factors – the credit crisis, the tanking economy and a traditional fall glut of crustaceans flooding the market.

Greg DiDomenico, director of the Garden State Seafood Association, informed that the sudden fall in prices has filtered down to New Jersey markets. Like any commodity, lobster is subject to regular fluctuations in price. He added that the prices range in that type of higher-end specialty seafood. But as it says that lobster is still a pricey commodity compared with other food staples. But with the price drop, now could be a good time to try something new.

Experts expect sales to pick up next week in anticipation of Christmas. Lobster is a holiday favorite in southern New Jersey. Dover, Pa., resident Claudia Kildea browsed the glass cases at the Lobster House. She prefers Maine lobster to those caught off New Jersey’s coast.