Food price growth slows down: traders association

Compared to the previous quarter and the corresponding period of last year, the increase in food prices is declining, according to data compiled by the Latvian Association of Traders (LTA), newswire LETA reported July 13.

Prices continue to rise for all dairy products, drinking water, and preserved vegetables. Meanwhile, for juices, the price has risen against the previous quarter but is lower than a year ago.

Among cereal products, prices continue to rise for oats, sugar, pasta, flour, and rice. LTA notes that the price of salt has stabilized.

The price of cottage cheese has decreased in the dairy group, both against the previous period and against the last year. The price for cottage cheese is the same as it was two years ago. Egg prices have dropped.

The price has decreased for eggs: if in March this year the price of M-sized eggs in shops was EUR 2.54, the price has fallen to EUR 1.76 in June, but it is also higher than a year ago. For meat products, prices are relatively stable.

Fruit and vegetable prices are now falling, but are higher than they were a year ago. These products include exotic bananas, oranges, and other fruit. The price of apples fluctuates and is currently lower than two years ago, while prices for vegetables are rising. 

For oil, prices continue to grow compared with the previous quarter and last year. If one liter of canola oil cost €3.56 in the first quarter of this year, it is currently available for €3.98. Meanwhile, the price of coffee has exceeded last year's level, but for tea, the price is lower than last year's in the same time period, as well as it has become cheaper than it was two years ago.

The Latvian Trader Association has been regularly comparing consumer goods prices in stores since the mid-90s. When calculating average retail prices, account shall be taken of the price indicated in the stores of the major retail companies, without regarding the stock prices determined by the producers.

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