The Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month notice to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.
In a statement issued on Thursday, the commission said the Executive Vice-Chairman of the FCCPC, Tunji Bello, gave the order at a one-day stakeholders’ engagement on exploitative pricing in Abuja.
According to Bello, the commission will begin enforcement after the expiration of the notice.
He said the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and unwholesome practices of market associations.
The move comes as the National Bureau of Statistics (NBS) recently pegged the country’s inflation rate at 33.40 per cent, with the food inflation at over 40 per cent.
The high inflation rate has worsened since President Bola Tinubu pronouncement on the 29th of May, 2023, effectively ending subsidy for fuel.