Cost of production continues high for the capture fisheries, despite a general decline in fuel prices. Despite this, and despite the strong demand that characterises the summer period, prices started to trend downwards in the European market. This is especially surprising for fish products used in the hotel, restaurant and catering (HORECA) sector, such as squid, shrimp, and octopus. In this issue of the European Fish Price Report, more prices moved down (31 percent) than up (26 percent). Declines in prices were mainly for some traditional groundfish species, cephalopods and shrimp. These price trends need to be seen in connection with the persistent inflation rate in Europe leading to rising interest rates which is impacting disposable income and consumer demand, including for fish products.