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 today, FCCPC’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello, acknowledged the high inflation rate but noted that prices charged are disproportionate for imported products and excessive for local commodities.
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, adding interaction at that level will be sustained by the Commission to foster a better market culture that makes allowance for the trader’s margin without leaving buyers exploited.
According to the National Bureau of Statistics’ latest report, inflation rates rose across the board in June 2024, while 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.
