The Federal Competition and Consumer Protection Commission, FCCPC, has vowed to probe market leaders across the country over the persistent exploitative food prices.
This was contained in a statement by the Executive Vice Chairman/Chief Executive Officer of FCCPC, on Monday in Abuja.
According to the Commission, the probe is under its establishment Act 2028 Sections 17(l) (s),116 (2),124,125,138 and 155.
The statement read, ‘This is to checkmate exploitative pricing of consumer goods in Nigeria.
“While it is recognized that the exchange rate has impacted the value of the Naira, it is, however, observed that prices charged are, in most cases, disproportionate for imported products. And excessive for locally produced ones.
“This unfair practice is prevalent in the retail segment of the distribution chain. Where some market associations are engaged in price fixing at the expense of consumers.
“Working with the market leaders, the Commission believes an understanding can be reached on reasonable pricing of products. This is to eschew undue profiteering at the expense of consumers at a time of economic challenges.
“Such interaction will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited”, he said.
Recall that Nigeria’s food inflation increased to 40.87 percent in June 2024, according to the National Bureau of Statistics.
This is as July’s report on consumer price index and inflation is expected to be released in days.
Recall that Nigeria is currently bleeding as a result of the ten days nationwide hunger protest. The protest was to draw the attention of the Federal Government of the high cost of food items.
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