The Federal Government has issued a stern warning to traders engaged in the unfair inflation of prices for goods and commodities, promising stringent regulatory measures to address the issue. 

The declaration comes through the Federal Competition and Consumer Protection Commission (FCCPC), expressing concern over the persistent escalation of costs despite the recent strengthening of the Naira against the dollar.

Adamu Abdullahi, the Chief of the Commission, emphasized the government’s commitment to ensuring fair competition and protecting consumers from exploitative practices. While acknowledging the limitations in directly regulating prices, Abdullahi affirmed that the FCCPC would leverage its existing legal framework to enforce provisions aimed at promoting fair competition and safeguarding consumer rights.

In a proactive move to curb price gouging, the FCCPC has directed its operatives to intensify monitoring efforts across formal and informal markets.