FCCPC to engage market leaders over excessive pricing

The Federal Competition and Consumer Protection Commission has announced plans to engage market leaders and stakeholders in the supply and distribution chain to address exploitative pricing of consumer goods amid rising inflation.

In a statement on Monday, FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr Tunji Bello, acknowledged the high inflation rate but noted that prices charged are disproportionate for imported products and excessive for local commodities.

According to the National Bureau of Statistics’ latest report, inflation rates rose across the board in June 2024, albeit at a slower pace. The headline inflation rate increased to 34.2 per cent in June 2024, up from 22.8 per cent in June 2023 and 34.0 per cent in May 2024.

“We recognise 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 said.

He noted that this unfair practice is prevalent in the retail segment, where some market associations engage in price fixing at the expense of consumers.

“Working with market leaders, the Commission believes an understanding can be reached on reasonable pricing of products with a view to eschewing undue profiteering at the expense of consumers at a time of economic challenges,” he said.

The FCCPC has already taken steps to promote transparency, mandating supermarkets to display prices visibly.

“Already, the Commission has mandated operators of supermarkets to visibly display prices of products on their shelves to shoppers for transparency and to avoid an ambush situation where they only get to know of the prices after payment has been made and a receipt issued,” Bello explained.

He added that the Commission’s advocacy for Nigerian consumers is consistent with President Bola Tinubu’s renewed hope agenda.

“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 added.