The Competition and Consumer Protection Commission says businesses need to adjust the prices of goods and services downwards in tandem with the appreciation of the Kwacha.
CCPC Executive Director Chilufya Sampa said the commission welcomes the appreciation of the kwacha as this is a sign that will go a long way in instilling confidence in the country’s economy.
Mr Sampa said it is clear that the country has suffered shocks such as high prices of goods and services, arising from the depreciation of the kwacha.
“Traders and businesses out there need to reduce the prices of goods and services in order to allow consumers to also enjoy the benefits of the appreciation of the kwacha. failure by traders and businesses to reduce prices of essential commodities will negatively impact consumers who have already been paying exorbitant prices for goods and services,” Mr Sampa said.
“It is not the mandate of the commission to effect price controls, but notwithstanding, we are monitoring and undertaking spot checks on prices of essential commodities in all provinces. anyone found to be exploiting consumers will be dealt with accordingly.”
Mr Sampa said the Commission also calls upon the millers to sell the staple commodity at a fair price.
“It is unfair for the millers to continue selling mealie meal at high prices especially when government has effectively been subsidizing the production of the mealie meal input.”
He said the Commission is appealing to all traders and businesses to ensure that the benefits of the kwacha appreciation trickle to the consumers.
“After all, without consumers no trader or business would exist,” he said.