The Federal Competition and Consumer Protection Commission (FCCPC) conducted a fact-finding visit to Osun markets on Friday in an effort to determine the causes of the increase in food prices.
The state’s Ifon Market in Orolu Local Government and Olufi Market in Ayedaade Local Government were visited by Commission representatives.
To ascertain the causes of the daily rise in food costs, the FCCPC held meetings with traders and market leaders in the two markets.
According to Mrs. Janet Odo, the FCCPC South-West Zonal Coordinator, the purpose of the tour was to speak with marketers and traders’ groups in order to identify the causes of the nation’s ongoing food price increases.
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Odo stated that wholesalers and retailers were purportedly involved in price gouging, hoarding, collusion, and distorting competition in markets all over the nation, according to the commission’s surveillance results.
According to her, the purpose of the visit was to confirm the claims and educate dealers about reasonable market prices.
According to Odo, the FCCPC officials were able to identify the primary driver of the increase in food costs by speaking with consumers, merchants, and supply chain participants.
“The goal is to guarantee that customers receive fair prices for food commodities by ensuring that our mandate’s aspects of competition and consumer protection are carried out.
In the two markets we visited, we were able to obtain some information, which will be compiled, examined, and used to inform the federal government.
“Opening up markets and addressing important consumer protection and competition issues that impact the prices of commodities in the food sector continue to be the Commission’s top priorities,” the spokesperson stated.
The head of the Olufi Market’s market women organisation, Mrs. Bukola Ogunyinka, responded by claiming that the vendors were not to blame for the increase in food costs.
According to Ogunyinka, food costs have been rising since the fuel subsidy was eliminated.
“The prices are not being inflated by us. What we purchase, we sell. We spent N120,000 on a bag of brown beans last week.
