Currently manufacturers and stores do not offer any clear justification for the continued growth of food prices, said chairman of Saeima’s Parliamentary Inquiry Committee Hosams Abu Meri.
The committee had invited associated institutions to attend the meeting and participate in discussions of the topic of growing food prices, the reasons behind it, as well as ways to resolve the situation.
Abu Meri said no relevant answers were received in the meeting.
“There is the issue of electricity and oil prices going up, which do affect food prices. However, half a year later, prices should have started going down, but this hasn’t happened yet. The question regarding the difference in prices between Baltic States remains unanswered as well,” Abu Meri said after the meeting.
Answering Saeima deputies questions, representatives of food manufacturers and Ministry of Economics mentioned that some food product groups may have a tangible price drop around autumn.
Those present at the meeting stressed that it is necessary to ensure an agreement between manufacturers and retailers in order to ensure that retailers lower prices the moment manufacturers do.
At the meeting officials proposed organising price monitoring in order to analyse the path prices take from the manufacturing line to the store shelves.
The representative of the Competition Council mentioned the institution has commenced market monitoring. This includes food price monitoring.
Representatives also said that information from market participants regarding procurement and raw material prices is requested on all stages of the supply chain. Market participants are also asked to provide information about the factors that cause prices to go up.
Abu Meri mentioned that his committee will continue monitoring the situation. The plan is to return to reviewing this topic again in autumn to ensure the promised price drop is true for at least some food products.
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