Tariffs and Supply Shortages Push Seafood Prices Higher

Seafood prices continue to climb as tariffs, supply shortages and weather-related disruptions drive up costs for consumers.

Fresh seafood is displayed at a fish market as rising tariffs and supply shortages push prices higher.

The Trump administration's dietary guidelines, released earlier this year, encourage Americans to consume more "high-quality, nutrient-dense protein," with the updated food pyramid featuring salmon and shrimp.

However, rising seafood prices may make that recommendation more difficult to follow.

Government data show that prices for meat, poultry and fish overall increased 6.2 percent from a year earlier, while fresh and frozen seafood prices rose 7.4 percent and 7.5 percent, respectively, Emma Ockerman reported for Yahoo Finance.

Unlike beef, where prices have risen largely because of reduced cattle supplies, seafood prices are being driven by multiple factors.

"The market is tight with a lot of stuff," said Rich Pettigrew, owner of Seaport Fish, a retailer and wholesaler in Rye, New Hampshire.

"With 80% of the seafood being imported, we have to deal with tariffs on some items."

Pettigrew cited haddock as one example, noting that Iceland, a major supplier, has nearly exhausted its fishing quota and is facing an additional 20-percent reduction. Canada has also reduced haddock quotas, further tightening supply.

Cod, another staple seafood product, is also in short supply, while the European Union is considering restrictions on imports of Russian cod, potentially adding further pressure to prices.

Weather disruptions linked to El Niño have also affected seafood supply chains.

Gary Morrison, head of growth and strategy at seafood pricing agency Undercurrent, said tariffs and higher fuel costs have been the biggest contributors to price increases throughout the supply chain over the past year.

Some restaurants are already feeling the impact. A restaurant on Canada's Prince Edward Island recently removed sea scallops from its menu because of soaring prices, according to CBC.