By JOEL K ANDREW
THE Independent Consumer and Competition Commission (ICCC) has commenced nationwide price gauging exercises using K2 million funding support from the government.
This was announced by ICCC Commissioner and CEO Paulus Ain in a media conference in Port Moresby today.
This price gauging exercise will continue over the remaining months of 2023 until 2024 addressing trending hike in price of goods and services.
“The increase in price throughout the country is beyond our capacity and control, and is as a result of many factors,” Commissioner Ain said.
“There are global concerns on international economical focus such as the Ukraine war, the aftermath of global COVID-19 pandemic, and our local currency strength against major trading currencies in the world.
“All these contributed to import inflation that Papua New Guinea has been facing over the last two years and into 2023.”
As such, Commissioner Ain said that ICCC has been conducting series of responsive exercises since 2021 up to now.
“What we are doing is not to stop the increase in prices of goods and services but to regulate the rise in prices so that business houses in the country do not take advantage of the global import inflation and rip off local Papua New Guineans,” he said.
Ain said the gauging exercise resumed as soon as funds were made available from the government.
He said ICCC staff were deployed into all provinces in the country to commence this important activity.
“My ICCC staff were deployed to all three coastal regions and are slowly moving up into Highlands provinces as well.”
Commissioner Ain further stated that many inflated prices on store shelves are due to expanse recovery exercises by entrepreneurs and business houses.
He said local business owners are paying more on imports and the high rise in prices are meant for expanse recovery due to a weak Kina value purchasing strong currencies in the world like AUS$ and US$.
As the import inflation continues, it was estimated that the changes in prices on daily basis are happening at an average rate of 90% – 100% per week.
The Commissioner also clarified that overdue products being displayed and sold on store shelves are out of the Commission’s responsibility as it comes under ‘Food Sanitation Act’ which sits under Health Department.
Meanwhile, ICCC calls on all Provincial Health Authorities (PHAs) and other responsible agencies throughout the country for a collaboration in driving this exercise forward.
