Be as pessimistic as you want, but we predict the coming years will be great for food. For one thing, the price of high-end ingredients are coming down. First we saw the price of white truffles collapse by some 90%, and now we learn that lobster prices are falling too. News 5 Boston checked in on the local industry and found that prices have fallen from $4.50-$5.00 pound last year, to a low of $2.80 per pound. Diners are ordering lobster less, the processing facilities are thus buying less from the lobstermen, and voila, price collapse. Said the head of the Mass. Lobstermen’s Association: “This is the time to buy them. A 1 pound lobster off the back of a vessel is cheaper than an ice cream cone.”
The other reason we’re so excited food-wise is that povery breeds culianry innovation, a point we’ve made before. Take lobster, again. When you’re feeling flush, you can just throw out that gross, green part in the middle, called tomalley (we actually like it, but most people don’t seem to). However when you’re poor, you don’t have that luxury, so you’ll find a way to season the tomalley in some way that makes it delicious. We can’t wait to see what people come up with.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.