Inflation adjustment reveals a tighter price range than nominal prices suggest. In 2024-25 dollars, early 2000s snow crab prices were $5–7/lb — not the $3–4/lb they appear nominally. The real floor of the market has been roughly $5/lb (2024-25$) across 25 years, making the 2023-24 trough of $5.66 (real) one of the lowest points in the entire series. The 2021-22 spike is even more extreme in real terms at $18.41 — nearly 3.7x the long-run average real price of ~$7.50. Current 2025-26 pricing ($9.33 real) sits modestly above the 25-year real average.