The price rise for butter in Latvia was affected by multiple factors. As a result, the price of butter grew to EUR 3-4.5 thousand per 1 ton in the second half of 2016. This year, however, the price has already grown to EUR 6.3 thousand per 1 ton, as reported by Latvian Association of Traders.
Looking at average prices of dairy products, LTA notes that they remain relatively stable. One exception is the high price rise for butter – it has risen by 8% since the beginning of the year (for 200 g of 82% butter). The average price in March was 7.9 EUR/kg. The price was 8.55 EUR/kg in April. May’s price has dropped slightly – to 8.35 EUR/kg. August’s price was 13.1 EUR/kg. The increase was 53% in general, LTA notes.
According to LTA, price rise was dictated by three groups of factors. This includes the growing consumption of butter on large markets – USA, Russia and China; milk production decline in the European Union and New Zealand, as well as banks’ speculations with butter reserves.
LTA President Henriks Danusevics predicts prices will have stabilized before the end of the year within 9.5-10 EUR/kg. He also predicts milk prices to go up by 10-20%.
“Since the beginning of the year, meat product prices have been relatively stable, except for poultry, which has become 20% more expensive when compared with last year. Currently 1 kg costs EUR 3.22. Ten eggs cost EUR 1.23 last August; now they cost EUR 1.3,” the association reports.
LTA also reports that stable prices are noted for bakery products, and changes are relatively small in comparison with last year’s period. The average price of sugar remains unchanged. A more significant increase has been noted for buckwheat – 24%.
Oat flakes cost EUR 0.72 per 500 g last August. This year’s price is EUR 0.65. Buckwheat’s price per 1 kg was EUR 1.91 last year. This year’s price is EUR 2.37.
LTA also notes that the price of flour has gone up as well. Last year the price was EUR 1.44, whereas this year’s price is EUR 1.49.
One liter of multivitamin juice cost EUR 1.31 last year. This year’s price has gone up to EUR 1.45. Tomato juice cost EUR 1.3 per 1 liter last year. This year, the price dropped to EUR 1.21. 500 ml of Coca-Cola cost EUR 0.82 last year and EUR 0.85 this year. (BNN/Business World Magazine)
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