The price of cod has never been higher. The Ukraine war, sanctions, and lower quotas have led to the price increase.
The situation has contributed to record high cod prices. The price for gutted frozen cod without heads has been over NOK 50 per kilo throughout the spring, in some periods up to NOK 60. That is NOK 15-20 higher than last year, E24 writes.
Among other things, the increase affects the British fish and chips industry. The British industry has in recent decades been dependent on cod from Russia and Norway. There is now a lack of cod fillets and those that are available cost more than ever.
“There is a limit to how much we can increase the price of the portions before customers choose other products,” Andrew Crook, leader of the industry organization National Federation of Fish Friers (NFFF), told the newspaper.
Fish and chips sellers want frozen fillets, and the product is even more expensive than whole fish. In recent months, Norwegian exporters have received more than NOK 100 per kilo of cod fillet.
At the same time, analyst Finn-Arne Egeness at Nordea sees no price decline on the horizon.
“There is huge global competition. This benefits fishermen but leads to increased prices for consumers,” he stated.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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