Maxima Slows Inflation in Latvia
This July, Latvia saw moderate total inflation of 2.1% for groceries, alcoholic beverages and tobacco products, lower than the recorded 4,6% for the same period in 2019. Maxima contributed significantly to reducing the rate of inflation nationwide by lowering its internal pace of inflation to 0.7%. This was achieved through a range of targeted price lowering initiatives for specific product categories.
“As the pandemic unfolded earlier this year, Maxima committed to freezing or lowering prices, to support our customers in the complex economic situation. We are pleased that our long-term price reductions of up to 40% on a range of essentials had a two-fold effect - made high-quality products better accessible throughout Latvia, and slowed overall inflation nationwide,” explains the Director of Purchasing at Maxima Latvija Edvīns Lakstīgala.
To ensure that shoppers have access to the best prices every day, Maxima Latvija has reduced prices long term on several thousand everyday essentials. Before reducing prices, Maxima Latvija undertook a thorough analysis to identify the product categories and product groups most favoured by shoppers and which are most likely to be in customers’ shopping baskets every day and on special occasions.
It has already been announced that, to ensure low prices for clients and growth for local producers in the long term, Maxima and its partner organisations have set up a petition on the Mana balss website in favour of reducing VAT on fresh groceries characteristic for Latvia. It aims to lower VAT on groceries—fresh meat, fresh fish, eggs and dairy—to 5%, and to continue the 5% VAT rate for characteristically Latvian fruit and vegetables.
Information for the media
Liene Dupate-Ugule
Head of Communications, SIA "Maxima Latvija”
Tel.: 26425420
email: liene.dupate@maxima.lv
www.maxima.lv
Head of Communications, SIA "Maxima Latvija”
Tel.: 26425420
email: liene.dupate@maxima.lv
www.maxima.lv