FCCC to initiate price transparency reviews

January 17, 2024 6:56 am

The Fijian Competition and Consumer Commission will begin reviews on price transparency this year to ensure that any fluctuations in global markets and freight costs are correctly reflected in local food prices.

Chief Executive Joel Abraham says the FCCC teams are engaged in various surveys, picking up on prices of items that have been put under regulatory review.

These include basic food items such as chicken, noodles, canned fish, milk powder, and butter, to name a few.

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Abraham says they aim to look at different products to see how the market has changed, so that the benefits can be passed to the consumers.

“And first quarter of this year, we will be taking a very serious look at that and ensuring that businesses pass on these reductions because when they increase in the cost base, businesses are first to come in and say, oh we want a price increase because rates are going up.”

Abraham says the global market is stabilizing slowly, and this is reflected in the prices of price-controlled items.

However, he expresses concern that this is not the case for non-price-controlled items.

“Now, the prices are a function of market. I don’t wake up one morning and decide let’s reduce the price of this or let’s increase the price of that. Now, neither does anybody at the FCCC do that. We follow market trends, so global commodities. When prices shift in the global market, we account for the turnover, how long does it take for that product to hit the Fijian shelf.”

Abraham says they aim is to encourage business operations in a sustainable manner that benefits all parties.