In a recent market surveillance carried out at Masaka Markets, Nasarawa State, the Federal Competition and Consumer Protection Commission unveiled the results of an in-depth investigation into the factors responsible for the continuous rise in consumer prices.
During the briefing with journalists, Mrs B. A. Adeyinka, the Director of Surveillance and Investigation, highlighted the key findings from interviews conducted with industry professionals and sellers from various sectors. Despite government interventions to stabilize currency value, prices have remained stubbornly high.
Adeyinka pointed out that a combination of factors, such as multiple taxation layers and escalating transportation expenses, were driving prices upwards. The transportation costs significantly impact sellers, who ultimately transfer this financial burden to consumers.
Using an example, Adeyinka illustrated how a product previously priced at N15,000 now retails for N50,000. This substantial price hike can be attributed to increased transportation expenditures, soaring pesticide costs, and security challenges in specific regions.
The agency’s initial step involves compiling a detailed report on the impact of multiple taxes on the market and offering recommendations to the government for potential solutions. The ultimate goal is to reduce these tax burdens, thereby alleviating financial strains on both sellers and consumers.
In a bid to ensure compliance, the FCCPC recently shut down 4U Supermarket Wuse 2 for violating price and quality standards.
Adamu Abdullahi, the acting Chief Executive Officer of FCCPC, affirmed the agency’s commitment to enforcing price regulations in other states.
Market executive, Gimbal Salasi, emphasized their dedication to maintaining smooth market operations and fair price practices.