As seen since this spring, high prices on fresh seafood continue to dampen sales. Inflation on overall fresh seafood rose 10.9% on average per unit in June, according to IRI and 210 Analytics.
The average price for finfish jumped to above $10 per unit, an increase of 21.3% versus June 2021. In response, fresh seafood sales plunged 13.3% to $502 million, more than the deceleration of 11.7% seen during the entire second quarter, said 210 Analytics Principal Anne-Marie Roerink.
In the second quarter, overall fresh seafood prices jumped 12.2% to $9.47 per unit on average.
The average cost of tilapia rose 40.2% in the quarter, while catfish prices jumped 22.7%, tuna prices ramped up 22%, scallop prices increased 18.5%, cod prices rose 18.4%, and salmon prices increased 17.6%.
While seafood inflation is steep, inflation across the grocery store is largely to blame for the change in consumers’ buying decisions, Roerink said.
“The rate of inflation is still accelerating for most areas in the store, including seafood, ticking up by about half to a full percent every month. I believe it is this total pressure on income that is hurting seafood sales, in addition of course, to the inflation seen within seafood itself,” she said.