PORTLAND, Maine (AP) — Market analysts say New England lobster prices are at their highest point in more than a decade heading into the Labor Day weekend.

Trade publication SeafoodNews says the wholesale price of a 1¼-pound hard-shelled lobster reached $8.50 this week. That is the highest price for August since 2005.

READ MORE: Senate To Vote On Rachael Rollins Nomination For US Attorney

The Portland Press Herald reports prices are up because of expanding markets, heavy processing activity and the upcoming holiday weekend.

READ MORE: UNH Student Vincenzo Lirosi's Death Ruled As Accidental Drowning

The increase in lobster processing in Massachusetts and Maine is one reason prices have risen. Demand for the products is so high that processors are able to compete with live lobster buyers.

The Maine Lobster Dealers’ Association says demand for live and processed lobster has been strong all summer this year. Interest in lobster in Asia has helped fuel growth.

MORE NEWS: Government Forecast Predicts Gas Will Drop Below $3 A Gallon Soon

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.