FG Agency Reveals Factors Driving Soaring Consumer Costs

• FG Agency Reveals Factors Driving Soaring Consumer Costs.

• Transportation expenses, taxation, and security concerns identified as key contributors to rising prices.

• Commission takes action, seals supermarket for breaching price and quality standards, vows to continue enforcement efforts nationwide.

EKO HOT BLOG reports that the Federal Competition and Consumer Protection Commission has released findings from a comprehensive investigation into the factors contributing to the relentless increase in consumer costs.

The Director of Surveillance and Investigation Mrs B. A. Adeyinka, said this while briefing journalists during a market surveillance to enforce prices today in Masaka Markets, Nasarawa State.

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Adeyinka explained, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite government efforts to stabilise the currency, prices remain high.

“Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, driving prices up. The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.

“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.

Consumer Costs

“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions. We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.”

The FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday for breaching price and quality standards.

Speaking on Thursday, the acting Chief Executive Officer of FCCPC, Adamu Abdullahi, stated that the commission would continue the price enforcement in other states.

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On his part, the executive chairman of the market, Gimbal Salasi said the market executives were working to ensure hitch-free market operations and price regulations in the market.

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