The Federal Competition and Consumer Protection Commission has vowed to probe market leaders across the country over exploitative food prices.
The Executive Vice Chairman/Chief Executive Officer disclosed this in a statement on Monday.
The commission said the move 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 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.
FCCPC to probe market leaders over exploitive food prices in Nigeria