Prices of cheese and grain products have more than doubled over the course of the year, according to data from Latvian Traders Association (LTA).
In the dairy products group the annual price increase for all related goods was 25% on average, with the biggest increase being for cheese, the price of which has more doubled. When compared to Q2 2022 the price increase was between 10 – 20% on average in Q3. Sour cream and butter are two exceptions – their prices have decreased. Prices of eggs have increased by an average of 50% when compared to September 2021 and Q2 2022. Prices of eggs are similar to the prices observed earlier in spring this year.
Prices of meat products continue going up when compared to Q2 2022 and September 2021, according to data from LTA.
The average price surge for meat products is close to doubling. The lowest price increase is observed for sausages – 30% over the course of the year and 7% in Q3.
The average price for bread is on a rise. However, bread remains cheaper than it was in 2021 and 2022. The most rapid increase of prices in the grain product group is observed for oat flakes and semolina, where prices have doubled over the course of the year. The prices of buckwheat, pasta and flour have increased by up to 50%.
The price of sugar has also increased, but it has yet to reach the record level observed in 2016. The prices of salt continues going down, and is now close to the price observed a year ago.
The situation is the best for fruits and vegetables, LTA reports. The price increase here is slowed by the reduced VAT rate. The price rise was minimal for apples, oranges, potatoes, carrots and onions. Prices have declined for mandarins, kiwis, lemons and tomatoes. Price increase was higher for bananas, mushrooms and cabbages – by 25%.
The price of different types of cooking oil continues going up – by 65% throughout the year.
In the beverages group the price of tea is lower than it was last year and continued going down. The price of coffee is on a rise – the annual increase is at 60%. Prices of mineral water and lemonade have increased slightly this year. This is mostly due to the adoption of a packaging deposit for this category of goods.