Lobster prices in North America recently reached their highest point in more than 10 years and could become the typical bottom line as demand for processed lobster meat grows.

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The wholesale price of a 1¼-pound hard-shelled lobster reached $8.50 in August. It was the highest price for the month since 2005.

Retail prices have remained high in September, with consumers typically paying $9 to $11 per pound for a live lobster. That is a few dollars more than a year ago at this time.

Market analyst John Sackton says the growing demand for processed lobster products, such as lobster rolls, could help keep the price high in the future.

He says the typical autumn price dip is still likely but could be less severe than in recent years.