Food prices in Latvia are not falling as rapidly as they should, and people’s purchasing power is not increasing, Inguna Gulbe, head of the Agricultural Market Promotion Centre (LTVC), stated, LSM reports. She noted that prices for some food products, such as sunflower oil and butter, were falling, while other food products remained more expensive than last year. Despite the fluctuations, food prices have increased by nearly 18% compared to 2022. Gulbe explained that prices are influenced by global markets. Also, she pointed to the lack of competition in Latvia’s retail trade sector, with two major supermarket chains, Maxima and Rimi, dominating the market. Gulbe stressed that more rapid price reductions can only occur through pressure from consumers.