Latvia: No competition in grocery retail sector: Agriculture Minister

Latvia’s retail sector has had no competition, especially in grocery trade, for years, Agriculture Minister Didzis Smits stated, LETA reports. Speaking in an interview with LTV, Smits asserted that retailers could set markups of 300% plus VAT on local produce and still compete, which he said was “abnormal” and “unpatriotic.” He insisted that in such a situation, market intervention was “logical and necessary.” Smits said that he supported an idea to publish information on the formation of prices in stores. Latvia’s Competition Council is currently analysing pricing on five product groups.

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