On 30 May, President Edgars Rinkēvičs met with Governor of the Bank of Latvia Mārtiņš Kazāks at the Riga Castle. During the meeting, the parties discussed Latvia’s first-quarter economic indicators for this year and current developments related to the reduction of food prices.
“Rising food prices affect not only household budgets but also reflect confidence in the market as a whole. High prices are not solely the result of external factors — they indicate a lack of sufficient competition. Targeted measures must be implemented to increase price transparency and promote fair competition between retailers and producers. The signed memorandum on food price reduction is a step forward, however, after some time, its actual impact will need to be assessed,” emphasised President Rinkēvičs after the meeting.
The meeting also addressed the Bank of Latvia’s proposals submitted to the Saeima Budget and Finance (Taxation) Committee for amendments to the State Funded Pensions Law.
