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Ceturtdiena 19.07.2018 | Name days: Jautrīte, Kamila, Digna

Food price to reach 2008 level

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Food price in Latvia is to reach 2008 level in near future, although the salaries are much lower now, informs Citadele Asset Management Market Analysis Division Head Zigurds Vaikulis.

Agricultural indexes in stocks, which include all the major food groups, have risen by 30% over the past two months. Currently the indexes are at 2008 highest level. The increase is still in progress, Vaikulis told LETA.

«Unfortunately the obvious conclusion is that this will soon be reflected in the shelves of stores. Of course, different factors may affect this, yet the aim of companies remains the same – to make profit. Traders will try to increase profit per one lat; therefore it might happen that we will have to pay even more than in 2008. This is the great risk of the following months,» told Vaikulis.

At the same time he pointed out that the rise in energy prices cannot be felt currently now, because the heating season has not yet started. Citadele Asset Management estimates that in manufacturing of a product – energy costs form between 5 to 10%.

2%-fat whole milk cost on average 62 santims in August 2008 in Riga supermarkets, while the price of this year is approximately from 36 santims to 66 santims. The price of rye bread kilogram formed 96 santims in 2008, while this year it is possible to purchase it at price from 45 santims to 1.3 lats. One kilogram of pork ham cost approximately 3.24 lats, while in August this year – from 2.39 lats to 3.8 lats, according to Agriculture Market and Promotion Centre information.

Both food and clothing producers have already warned that rising prices due to external factors are inevitable. Price growth will mainly be determined by rapid growth in raw material prices and energy price increase.


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