Yes, a rack of lamb is expensive. The rack of lamb price can vary depending on the quality of the meat, and the country of origin. It's generally more expensive than other cuts of lamb. However, it's worth the investment because the lamb rack is a tender and luxurious cut that's perfect for special occasions. New Zealand lamb price is between $40 - $50 NZD per kg or $11.30 - $14.10 USD per pound. (this is based on the current exchange rate and could vary in the different US States).