Translated using ChatGPT service.
On May 27, a memorandum developed under the leadership of the Ministry of Economics was signed, outlining concrete measures aimed at reducing the prices of basic food products, strengthening market competition, and increasing the availability of local products on store shelves. Major retail chains have already introduced the first low-price offers.
“Latvian residents expect practical solutions to make food products more affordable. Our response is targeted and coordinated action – from the drafting of the memorandum to its practical implementation. The first month has proven that we are on the right track – the first low-price basket offers are already visible in stores, legislative changes have been adopted, and new partners are joining the memorandum. Our goal is to make food more affordable for all residents of Latvia, increase the variety of local products on store shelves, and strengthen competition in the long term,” said Minister of Economics Viktors Valainis.
Major retailers have already begun offering low-price food baskets. “Maxima Latvija” and “Rimi Latvia” launched initiatives this week, under which certain product groups are available in stores at reduced prices. These products are marked accordingly, and information about them is available in-store, online, and in promotional leaflets. Retailers will update the contents of the low-price basket weekly, ensuring customer choice and variety.
The first results from price monitoring conducted by the Consumer Rights Protection Centre (PTAC) indicate positive trends. More detailed conclusions about price changes will be available after several low-price basket periods, once broader data is collected.
An important aspect of the memorandum’s implementation is the amendments adopted by the Saeima to the Consumer Rights Protection Law, which require major food retailers to provide data to the Central Statistical Bureau. This data will serve as the basis for developing new price comparison tools and improving existing platforms such as LetaPartika.lv, CenuDepo.com, visiBukleti.lv, and ProductCave.lv. The Ministry of Economics is currently working on relevant Cabinet regulations to specify the procedures for data submission and processing. The draft regulations will define the procedures for submitting, exchanging, and storing data.
The impact of the memorandum is gradually expanding – new participants are joining the initiative, including the Latvian Agricultural Cooperatives Association. The Ministry of Economics invites other industry participants to join the memorandum via the application form available on the website of the Latvian Chamber of Commerce and Industry: https://ltrk.lv/pievienojies-memorandam-par-partikas-precu-tirdzniecibu-latvija/
The Consumer Rights Protection Centre (PTAC) is responsible for monitoring the implementation of the memorandum, while the Competition Council will assist in collecting and analyzing data, with particular focus on changes in the share of local products in trade.
The Ministry of Economics emphasizes that this is not a short-term campaign but a targeted, long-term initiative based on close cooperation between the state, retailers, and producers with a clear goal – to ensure more affordable food prices for the people of Latvia.