The price of butter in Latvia has reached its maximum, said Competition Council chairman Skaidrite Abrame.
“Prices in Latvia have definitely reached the peak. Alternatives for imports of cheaper butter are being considered,” Abrama said, adding that butter in Estonia was at least 20-30% cheaper.
Abrama also notes that prices for butter have grown considerably around the world. This is because demand for milk fats has also grown considerably.
She also notes that the Competition Council sees no reason to intervene in the market.
“After looking into this situation, we have concluded that it is not worth intervening, because market conditions and global developments have all benefited the situation,” added Abrama.
According to data from Latvian Traders Association, the average butter price in March 2016 was 7.9 EUR/kg. The price was 8.55 EUR/kg in March 2017. The price in August reached 13.1 EUR/kg. (BNN/Business World Magazine)
