The current cost of living challenges experienced by people is mostly driven by imported inflation. According to the ongoing Independent Consumer and Competitions Commission (ICCC) nationwide price surveillance exercise, it is evident that the current depreciation of Kina against major trading currencies like the US and Australia dollars are putting pressure on food process because most of the basic goods on shop shelves are imported. The ICCC Commissioner and Chief Executive Officer (CEO) Mr. Paulus Ain said some major importers of food products and other basic goods have also raised similar concerns about the Kina depreciation especially its impact on cost of external financing of food imports. To relief some of these burdens, the government has provided some household assistance, and it is continuing to provide these assistances to cushion massive price shock increases. “The ICCC is mindful of the need to ensure the business houses continue to recover their increased costs to ensure we have ongoing supply of these basic goods like rice, frozen goods, canned food, flour and sugar in the country,” Mr. Ain reiterated. “While we are mindful of the need to ensure businesses recover their legitimate costs, the ICCC is vigilant to prevent price gouging in the country.” The ICCC further clarified that it is not responsible for the overall management of inflation in the country, but Bank of Papua New Guinea does. The ICCC is only mandated to regulate the prices of certain goods and services only to prevent price gouging in PNG. In so doing, the ICCC will continue to inspect wholesale and retail shops nationwide to implement the Price Control Measures (Measure No. 4: Price Control), which was issued by the Controller of the National Pandemic Office in 2023. Measure No. 4 simply ensures that most of the listed goods on the ICCC watch list, which are essential basic goods, remain within the 10% range. These goods include rice, flour cooking oil, sugar, baby formula, tinned fish, tinned meat, frozen chicken products, frozen meat products, and soap (hard bar and liquid). However, Mr. Ain urges business houses who would like to increase prices of the declared goods and services above 10% to seek prior approval from ICCC first. Failure to do so will result in penalties imposed, including a hefty fine of K10, 000.