The Fijian Competition and Consumer Commission (FCCC) has clarified that its price control measures are designed to set maximum prices on essential goods rather than minimum ones. This approach, as explained by FCCC Chief Executive Officer Senikavika Jiuta, is aimed at ensuring fairness in the market while allowing businesses to adequately cover their operational costs.
Jiuta addressed concerns regarding the rising prices of staple items such as rice, flour, tin fish, and cooking oil, emphasizing that the pricing team’s methodology involves a comprehensive cost-plus analysis. This method accounts for all expenses associated with importing and distributing goods, including shipping, raw materials, exchange rates, and local clearance fees. By utilizing this approach, the FCCC seeks to establish a ceiling price that retail vendors can apply a reasonable margin upon.
The FCCC has been closely monitoring pricing trends, noting that there have been no significant spikes in controlled item prices in recent years. The Commission’s vigilant monitoring aims not only to ensure affordability for consumers but also to sustain a balanced retail sector amidst global economic fluctuations.
Moreover, the FCCC is currently reassessing its list of price-controlled goods, evaluating whether adjustments are necessary to keep essential items accessible to the Fijian population. This initiative is part of a broader commitment to protect consumers during challenging economic times and counteract potential instances of excessive profit-making attributed to inflationary pressures.
As the FCCC continues its efforts, the agency remains dedicated to fostering a transparent marketplace and encouraging public participation in its regulatory processes. Such initiatives reflect a proactive stance on consumer protection and economic sustainability, showing promise for the future stability of pricing in Fiji’s retail market.