Tuesday 17 May 2016 9:04 am

First the Prosecco shortage, and now this! Salmon prices soar

Summer parties are set to be more expensive this year – salmon prices are on the rise.

The price increase, fuelled by reduced production in Chile and Norway, comes shortly after fears of a Prosecco shortage emerged.

Chilean salmon prices are currently up by more than 60 per cent year on year after an algal bloom in February starved their water of oxygen and killed fish.

Production of the fish food has also been hit by extreme weather and sea lice in Norway last year, according to the Daily Mail.

The Grocer magazine said: “Retailers should prepare themselves for a further hike in salmon prices as global supplies feel the pinch from Chile's toxic algae attack.”

The bloom of algae, following high sea temperatures brought on by El Nino, is thought to have led to losses equivalent to 123,500 tonnes of salmon so far this year.

Market analyst Luana Clapis told the Grocer Chilean salmon production is expected to decline 16 per cent year on year in 2016.