Lobster Prices Will Likely Be Cheaper This Summer, Here's Why

If you're a big fan of lobster, you're gonna love this news.

Despite a lower supply of lobster this year, the Associated Press reports that wholesale prices on this high-end crustacean have dropped by about 37 cents per pound compared to this time last year. This translates to a Maine retail cost ranging from about $8 to $13 per pound, depending on the size and type of lobster.

Part of the reason prices are holding steady is because of high lobster yields in recent years. Last year, fishermen in Maine caught over 130 million pounds of lobster for the first time, and have had yields of 100 million pounds of more for each of the past six years. That's pretty good catch numbers, and with their value going up with more crustaceans being shipped to places like China, consumers and wholesalers typically have had to pay more for them.

That price hike doesn't seem to be happening this year despite the low supply to start out. Most industry experts are attributing that to fishermen waiting for massive loads of lobster to start popping up before purchasing the relatively expensive bait. As such, the market is expected to hold steady for the remainder of the summer, meaning that we can expect some slightly cheaper lobster dishes throughout the entire season.