A new system for comparing food prices has been implemented in Latvia since the beginning of this week. The three largest retailers, Rimi, Maxima, and Lidl, provide the Central Statistical Bureau with information on the prices of essential goods every morning. This data is then used through price comparison tools, as reported in the evening news broadcast LSM+.
Until now, these tools mainly relied on data from online stores and did not cover all shops. Often, the prices of goods listed did not match the actual prices on the shelves. The new system allows for the first time to compare the prices in the stores themselves.
"You will be able to create your own shopping basket, and we will help inform residents by making various offers. For example, a shopping basket for the elderly, a shopping basket for large families, or for teenagers. That is, we will create these baskets ourselves and say: 'Today, this shopping basket is the cheapest and can be purchased at this chain of stores,'" explained Minister of Economy Viktor Valainis (SZK).
The Ministry of Economy predicts that the first tools will start showing new prices by mid-December, as time is currently needed for data processing. For now, data transmission is mandatory only for the three largest retailers, but in the future, smaller store chains may also join the system.
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