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FCCPC uncovers supermarket’s 500% Price Inflation amid economic hardship
The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered a popular Nigerian supermarket’s outstandingly bad price inflation of imported goods. Vice Chairman Tunji Bello made the during a stakeholders’ meeting on exploitative pricing in Abuja.
“A striking example is the Ninja fruit blender, priced at $89 (approximately N140,000) in Texas, USA, but sold for a staggering N944,999 at the supermarket on Victoria Island, Lagos – a 500% price increase.
The FCCPC boss expressed concern over this practice, noting excessive overpricing of both imported and locally produced goods, particularly in retail markets.
“The Commission has identified patterns of price manipulation, including price fixing by market associations and other anti-consumer practices.
“During a recent visit to the same Lagos supermarket, the FCCPC found the same blender priced even higher, highlighting the need for regulatory intervention to protect consumers from exploitative pricing.”