Food prices might drop in Q2 2023 - Gulbe

RIGA - Food prices are expected to drop in the second quarter of next year, said Inguna Gulbe from the Institute of Agricultural Resources and Economics in an interview with the Latvian public television today.

She said that even though certain food products in the supermarkets of Riga, Tallinn and Vilnius showed a decline in prices, it cannot be said that food product prices have started dropping - the overall increase of prices is still observed.

Speaking about the price trends in the Baltic states for bread, dairy products, meat and vegetables, Gulbe said that the trends are quite similar in all three Baltic states.

According to Gulbe, prices might drop next year, most likely in the second quarter because producers and merchants have had time to think how to reorganize their activities, and there is a pressure from merchants to slow down the price hike because people's purchasing power has lowered.