PORTLAND, Maine (AP) — Market analysts say New England lobster prices are at their highest point in more than a decade heading into the Labor Day weekend.

Trade publication SeafoodNews says the wholesale price of a 1¼-pound hard-shelled lobster reached $8.50 this week. That is the highest price for August since 2005.

The Portland Press Herald reports prices are up because of expanding markets, heavy processing activity and the upcoming holiday weekend.

The increase in lobster processing in Massachusetts and Maine is one reason prices have risen. Demand for the products is so high that processors are able to compete with live lobster buyers.

The Maine Lobster Dealers’ Association says demand for live and processed lobster has been strong all summer this year. Interest in lobster in Asia has helped fuel growth.


Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Listen Live