New Rules Bring Greater Transparency to the Food Price Market
New Rules Bring Greater Transparency to the Food Price Market
According to the latest amendments, food retailers whose net turnover in the previous financial year exceeds EUR 400 million are required, upon request from the Central Statistical Bureau, to provide data on product prices. For smaller retailers, this requirement is not mandatory, though they have the option to submit data voluntarily.
If the data is not provided or is incomplete, the Central Statistical Bureau may enforce submission, including by imposing fines or other coercive measures.
What this means for businesses:
▪️ For large retailers – a clear obligation that must be fulfilled carefully and on time.
▪️ For smaller retailers – an opportunity to voluntarily provide data, promoting market transparency and consumer trust.
Dr. Edgars Voļskis, Head of Management and Risk Consulting at #BDOLatvia, emphasizes:
“This is an important government decision that will enable price monitoring platforms operating in Latvia to obtain up-to-date information on product prices and their dynamics more efficiently.
The main beneficiaries will be Latvian consumers, who will gain the opportunity not only to compare prices of specific products but also to plan a more cost-effective shopping basket before choosing which store to visit.
With such legislative measures, the government strengthens competitive mechanisms within the retail sector, implemented through price monitoring platforms. Therefore, this step should not be seen as government interference in free market mechanisms, but rather as a supportive tool that promotes consumer awareness, enhances competition, and helps slow down the rise of inflation across food product categories.”
If the data is not provided or is incomplete, the Central Statistical Bureau may enforce submission, including by imposing fines or other coercive measures.
What this means for businesses:
▪️ For large retailers – a clear obligation that must be fulfilled carefully and on time.
▪️ For smaller retailers – an opportunity to voluntarily provide data, promoting market transparency and consumer trust.
Dr. Edgars Voļskis, Head of Management and Risk Consulting at #BDOLatvia, emphasizes:
“This is an important government decision that will enable price monitoring platforms operating in Latvia to obtain up-to-date information on product prices and their dynamics more efficiently.
The main beneficiaries will be Latvian consumers, who will gain the opportunity not only to compare prices of specific products but also to plan a more cost-effective shopping basket before choosing which store to visit.
With such legislative measures, the government strengthens competitive mechanisms within the retail sector, implemented through price monitoring platforms. Therefore, this step should not be seen as government interference in free market mechanisms, but rather as a supportive tool that promotes consumer awareness, enhances competition, and helps slow down the rise of inflation across food product categories.”