Cuttlefish Prices in Madrid Reach Fresh Multi-Year High in mid-July

During the second week of July, prices of fresh, large, cuttlefish in a major wholesale market in Madrid, Spain, rose to their highest levels since at least September 2020, at EUR 10.7/kg. The increase is in line with the average seasonality of fresh or chilled non-fish seafood prices in Spain, but there is an underlying upward trend that began in December 2020 on the back of supply chain disruptions derived from the pandemic and also strengthened by a growing preference for seafood in the area
During the second week of July, prices of fresh, large cuttlefish in a major wholesale market in Madrid, Spain, rose to their highest levels since at least Sept-20, at EUR 10.7/kg. This level represented a 0.6% month-over-month (MoM) increase and a 19% year-over-year (YoY) increase. The increase is in line with the average seasonality of fresh or chilled non-fish seafood prices in Spain, according to Spain Price Observatory data. Prices for these products tend to touch their lowest levels in February and then increase continuously to touch their lowest levels in July and August, coinciding with summer holidays. After that, prices decline until November and sharpen up again with December's holidays. Yet, it is not only seasonality trends that are keeping this product's prices up, but an underlying upward trend that began in Dec-20 on the back of supply chain disruptions derived from the pandemic (increasing production costs) and also due to a growing preference for seafood in Spain. Moving forward, prices are expected to reach their annual peak soon, but the underlying trend (which can be measured by YoY changes) continues to point upward.