The Federal Government said it will prosecute those caught spiking the prices of goods and commodities across Nigeria.
The Federal Competition and Consumer Protection Commission (FCCPC) said this in a statement where it addressed the issues of arbitrary price increases and dollar brouhaha.
FCCPC said it acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.
The commission added that while it recognises that it cannot directly control prices, it is committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.
According to FCCPC, arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.
“The Commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts,” the statement read.
“This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers. We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC.
“Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation through contact@fccpc.gov.ng.”
Nigerians have been quite worried that despite the appreciation of the naira against the dollar, prices of goods and food items are increasing.
The National Bureau of Statistics (NBS), meanwhile, said Nigeria’s headline inflation rate increased to 31.70 per cent in February 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for February, which was released in Abuja last month.
According to the report, the figure is 1.80 per cent points higher compared to the 29.90 per cent recorded in January 2024.
It said on a year-on-year basis, the headline inflation rate in February 2024 was 9.79 per cent higher than the rate recorded in February 2023 at 21.91 per cent.
In addition, the report said on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 per cent, which was 0.48 per cent higher than the rate recorded in January 2024 at 2.64 per cent.
The report said the increase in the headline index for February 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
