Foodstuff, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Thursday, 19.07.2018, 22:16

Average dairy product prices in Riga are stable

BC, Riga, 11.08.2017.Print version
The average dairy product prices in Riga stores are stable, reports LETA, according to data by the Latvian Retailers Association (LTA).

The only exception is the high rise of butter prices. In the time period between 2016 and early 2017, the price of a butter package of 200 grams has risen by 8%. The average price in March 2016 was EUR 7.9 per kilogram, while the price in March 2017 was EUR 8.55 per kilogram.


In May the average price of butter dropped to EUR 8.35 per kilogram. In August the price has climbed to EUR 13.1 per kilogram. The rise is 53% or EUR 1 on average per a package of butter.


LTA president Henriks Danusevics said that the price hike for butter has been determined by several factors. As a result, the price of butter on the bourse at the second half of last year reached EUR 3,000-4,500 per ton, and in the first half of 2017 it rose to EUR 6,300 per ton.


Among other factors, the price growth has been because of growing butter consumption in the large markets – the US, Russia, China, as well as drop in milk production in the EU. Danusevics said that prices will stabilize by the end of the year and will remain between EUR 9.5 and EUR 10 per kilogram. At the same time, milk price is expected to rise by 10-20%.


Meat product prices have been stable, with the exception of chicken that has risen by more than 20% compared to the previous year. Chicken cost EUR 3.22 per kilogram, while ten eggs cost EUR 1.23 on average in August 2016, and this year the price has risen to EUR 1.33.


In August 2016 sugar price was EUR 1.27 per kilogram, which is about the same as this August. A 2-kilo package of flour cost EUR 1.44 last August, and EUR 1.49 this August.

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