Cod prices could hit their highest levels ever following a further cut to catch quotas.
Next year’s total allowable catch for Barents Sea North East Arctic cod has been reduced by 25% to 340,000 tonnes, in light of declining stocks.
It is the joint Russian/Norwegian fishery’s lowest quota level for three decades.
Wholesale cod prices have already risen by about 8%, from £180 for 20kg of cod to £195 in recent weeks, said Andrew Crook, president of the National Federation of Fish Friers.
That figure was expected to rise to between £215/£220 as a result of the quota announcement, he added.
That would equate to a 20% rise in prices in just seven weeks, with further hikes expected to follow.
“We have had three 20% reductions [in quota] over the past three years,” Crook said. The TAC has slumped from one million tonnes to the 340,000-tonne mark over this period, he added.
“We can try and pass it on, we can look at alterative species, but consumers do want cod,” he said. Fish & chip shops “really struggle” to get consumers to try new types of fish, Crook explained.
There would also likely be an added impact on haddock prices as “people swap over”.
However, the industry may “have reached the limit” when it comes to passing on costs to consumers, he warned.
Crook’s fish & chip business is also facing additional costs of between £15k-£20k per year due to the impact of the budget.
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