The Federal Competition and Consumer Protection Commission has announced plans to collaborate with market leaders and key stakeholders in the supply and distribution chains to tackle the issue of exploitative pricing of consumer goods in the face of rising inflation.
According to The PUNCH, in a statement issued on Monday, FCCPC’s Executive Vice Chairman/Chief Executive Officer, Mr. Tunji Bello, acknowledged the ongoing inflationary pressures but pointed out that the prices being charged for goods are often disproportionate, particularly for imported products, and excessively high for locally produced commodities.
The latest data from the National Bureau of Statistics indicates that inflation rates surged across the board in June 2024, though the increase was slower than in previous months.
The headline inflation rate climbed to 34.2 percent in June 2024, up from 22.8 percent in June 2023 and slightly higher than the 34.0 percent recorded 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 stated.
He highlighted that these unfair pricing practices are particularly widespread in the retail sector, where certain market associations are involved in price-fixing activities that harm 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 continued.
The FCCPC has already initiated measures to enhance transparency within the marketplace. One such measure is the requirement for supermarkets to visibly display the prices of products on their shelves.
“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 emphasized that the FCCPC’s commitment to advocating for the rights of Nigerian consumers aligns with President Bola Tinubu’s renewed hope agenda, which seeks to protect citizens from economic exploitation.
“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,” Bello added.
This strategic approach by the FCCPC aims to balance the interests of both traders and consumers, ensuring that while traders can still make a profit, consumers are not subjected to unfair and excessive pricing.
