The country’s consumer watch dog, the Independent Consumer and Competitions Commission (ICCC) would very much like to see business houses pass on the expected reduction of prices of basic goods to consumers in the coming months or be dealt with.
The ICCC Chief Executive Officer (CEO) and Commissioner Mr. Paulus Ain said that the global indicators from the Food and Agriculture Organization (FAO), have shown some decline in the overall prices of basic items.
“Especially for rice (there has been stable fluctuation), for flour and cooking oil to name a few that have seen some decreases in the prices compared to what we were in 2022 back then,” said the Commissioner.
Mr. Ain said these price differences and declines are showing some positive signs based on what is happening globally.
In terms of soap, Mr. Ain confirms that the price has gone up due to the reintroduction of the tariff on soap, which has resulted in the price increase in the country.
“But otherwise, the ingredients to manufacture soap, has seen decline,” explained the Commissioner.
He said shipping rates are also coming down, global food prices are coming down, so domestically business houses should be passing that savings on to the consumers.
“People are going back into production, Food and Agriculture Organization is telling us the indication out there. Food price is actually declining, so we should be expecting some price reduction over the next 6 to 12 months.”