The article examines how prices are set in Lithuania by analyzing a survey conducted by the Bank of Lithuania. The study shows that companies in Lithuania use both time-dependent and state-dependent pricing policies, with a slight preference for state-dependent pricing. Prices tend to change slowly due to factors like cost-based pricing and explicit contracts. Cost factors play a bigger role in increasing prices than decreasing them. Overall, the research reveals that delayed price adjustments are more related to the price adjustment stage rather than the price reviewing stage.