The Federal Competition and Consumer Protection Commission (FCCPC) has announced plans to engage with market leaders and stakeholders within the supply and distribution chain to address the rising issue of exploitative pricing of consumer goods amid escalating inflation.
In a statement released on Monday, FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, acknowledged the current high inflation rates but emphasized that the prices of many products, particularly imported goods, are disproportionately high. Local commodities have also seen excessive price hikes.
The latest report from the National Bureau of Statistics shows a continued rise in inflation, with the headline rate increasing to 34.2 percent in June 2024, compared to 22.8 percent in June 2023 and 34.0 percent in May 2024.
“We recognize that the exchange rate has impacted the value of the Naira, but prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones,” Bello stated. He highlighted that this unfair pricing practice is particularly prevalent in the retail sector, where some market associations engage in price-fixing, to the detriment of consumers.
Bello noted that the FCCPC plans to collaborate with market leaders to establish fair pricing practices and prevent undue profiteering, especially during economic challenges.
The Commission has already implemented measures to promote transparency in pricing, requiring supermarkets to clearly display prices on their shelves to avoid situations where consumers only learn of the cost after making a purchase.
Bello further emphasized that the FCCPC’s efforts align with President Bola Tinubu’s renewed hope agenda, aiming to protect Nigerian consumers while ensuring a fair market environment.
“Our ongoing interaction with market leaders will help foster a better market culture, balancing traders’ margins with the need to prevent consumer exploitation,” Bello added.
