The ongoing increase in food costs in Katsina State is being looked into by the Federal Competition and Consumer Protection Commission (FCCPC).
On Thursday, the panel started conducting fact-finding visits with Katsina marketers and traders’ associations.
The FCCPC’s North-West Zonal Coordinator, Usman Shehu Abdulkarim, stated that the investigation of the commission points to unfair activities in the food chain, such as price gouging and stockpiling.
Market union officials and consumers ascribed the ongoing increase in food commodities to the purported hoarding of those things by some political office holders in their particular establishments.
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The chairman of the zonal grain sellers, Alhaji Aliyu Maje Mai Masara, talked about his recent experience purchasing corn at Dandume Market with the intention of selling it for a small profit.
But after a week, the price had increased dramatically.
He thinks that the reason for these behaviours is that certain officials avoid banks out of fear of being the subject of anti-corruption investigations.
Alhaji Rufa’i Hamisu and other vendors agree that there are more significant economic issues at hand, such as the elimination of gasoline subsidies, which have increased the cost of transportation.
All agree, however, that foreign demand and stockpiling are the key causes of the current problem.
Meanwhile, the majority of these price hikes are being borne by consumers. Yahaya Mohammed Mashi draws attention to the difficulty faced by families with fixed incomes in meeting their fundamental needs.
He calls for action from the government to relieve the strain on households, including the establishment of subsidised food stores.
The Federal Competition and Consumer Protection Commission (FCCPC) has opened an investigation as a result of the circumstances.
The FCCPC North-West Zonal Coordinator, Usman Shehu Abdulkarim, stated that their initial research points to possible unethical behaviour by food chain participants, such as price gouging and hoarding.
According to the FCCPA, these offensive, dishonest, and exploitative activities are prohibited,” he questioned.
According to him, these actions affect market competition, restrict the supply of food, and manipulate and inflate food prices—all of which the commission views as unlawful under the FCCPA.
He stated that the Commission will create a brief report of its investigation and offer suggestions to the government in line with FCCPA Section 17(b) after this exercise.
