FCCPC Takes Action Against High Food Prices In Market Amid Inflation

FCCPC Takes Action Against High Food Prices In Market Amid Inflation....KINDLY READ THE FULL STORY HERE▶

Tunji Bello, Executive Vice Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), has revealed that the commission has identified issues of price fixing and exploitation by retailers in the market……. CONTINUE READING 

Bello acknowledged that while the exchange rate has contributed to higher import costs and affected the Naira’s value, many food prices in the market remain unjustifiably high. He noted that price fixing and exploitation are particularly prevalent in markets where associations set prices.

In a statement released on Monday, the FCCPC announced plans to engage with market leaders and stakeholders in the supply and distribution chain nationwide. This initiative aims to address and curb exploitative pricing practices.

The FCCPC recognized the impact of the exchange rate on pricing but highlighted that the current prices for both imported and locally produced goods are often disproportionate and excessive. The commission criticized the practice of price fixing by market associations, viewing it as unfair to consumers.

The FCCPC plans to work with market leaders to establish fair pricing practices and prevent undue profiteering during these economic challenges. The commission also intends to promote transparency by requiring supermarkets to display product prices clearly, ensuring that consumers are aware of prices before making purchases.

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