Food prices will remain relatively stable in the coming months - Latvian Federation of Food Companies

RIGA - Food prices in Latvia will remain relatively stable in the coming months with slight fluctuations depending on the product segment, Inara Sure, Chairwoman of the Latvian Federation of Food Companies (LPUF), told LETA.

She pointed out that food prices would remain stable in the absence of new shocks in the energy, raw materials or logistics markets.

However, Sure added that the cost of raw materials could have a major impact in the autumn after the harvest. "If the weather and international trade conditions deteriorate, this could lead to some price increases, but at the moment it does not look like we should see a big and sharp price increase in the autumn," she predicted.

Asked how the LPUF views the situation since the signing of the Food Price Memorandum, Sure said that the aim of the Memorandum was to promote cooperation between government, producers and traders to ensure more affordable food for consumers. Thus, LPUF overall welcomes the Memorandum.

Sure pointed out that the implementation of the Memorandum by the participants is ongoing and is "under the public's magnifying glass". She added that in the low-price segment, a decrease is visible compared to equivalent categories, which have seen price increases, and supermarkets provide a basket of basic consumer goods at lower prices.

At the same time, she added that food price levels depend on many external factors, including raw material and energy costs, labor wage increases, seasonal fluctuations, logistics costs as well as world market prices.

"Prices have stabilized in certain segments, but the overall average price level has not fallen, as production costs continue to rise in parallel, as do external geopolitical and climatic risks, which have a significant impact on product prices for the consumer," added Sure.

She said that food producers and processors are awaiting an assessment of whether the range of locally produced food products on retailers' shelves has increased as a result of the Memorandum.

As reported, in July 2025 Latvian consumer prices rose by 0.1 percent over the month, while the annual inflation rate (July 2025 against July 2024) was 3.8 percent, unchanged from June, according to data released by the Central Statistical Bureau (CSB).

The average consumer price level in last 12 months, compared to the previous 12 months, rose to 2.9 percent in July.