Salmon prices leap to a new record high, with prices more than doubling since Christmas. Demand continues to far outstrip supply, as catches and harvests decrease.
Salmon prices have leapt to a new record high after more than doubling since Christmas. According to the latest statistics from Norway, the export price soared to NOK 107.75 (£9.17) a kilo, an increase of 8.9% on Week 16. This rise means that salmon prices are now a staggering 64% higher than 12 months ago. As the situation is global, fish farmers in rival salmon countries like Scotland, Iceland and the Faroe Islands are also enjoying a similar increase in profits. And although this may be great news for the salmon producers, smaller players who are buying the fish - such as smokers and wholesalers - are struggling.
Prices are at such high levels and continue to increase, primarily because a shortage of salmon is being caught and brought into the market while demand continues to be strong.
It is not just the salmon price going up now, either. Right across the board, fresh or frozen fish prices are increasing due to other inflationary pressures such as transportation costs, container delays, and general shortages. Plus, the war in Ukraine is also disturbing the market, creating much uncertainty.
So what does the future hold for salmon prices? Unfortunately, it is hard to say. While some experts predict that costs will start to level off or even decrease slightly in the coming months, others believe that high prices are here to stay for the foreseeable future. Whatever happens, it will be an upstream struggle for salmon wholesalers, mongers and other fish suppliers who are already feeling the pinch due to rising overheads and inflation.