ICCC clarifies myth about price control

THE Independent Consumer and Competition Commission (ICCC) has clarified that it does not control the prices of all goods and services in the country.
ICCC chief executive officer Paulus Ain said its price control functions ended 20 years ago.
“Many people think that the ICCC controls the prices of all food items and services. This perception needs to be corrected,” he said.
“Many people think that ICCC control the prices of everything. Under the ICCC Act 2002, its main function is to promote competition.
“The price control function was done away 20 years ago, and the ICCC was given the price monitoring powers to monitor shelf prices and check factors affecting price increases.
“Its main functions are to promote competition, regulate prices of certain declared goods and services.”
He added that with the current price surveillance exercise, the ICCC had sought Government’s intervention to get extra powers to control prices of basic food items such as rice, flour and sugar.
This enables ICCC to monitor shelf prices of basic items to be set within a 10 percent range and not above it.
“In the event where shop owners want to increase prices, they have to seek approval from the ICCC. And only upon assessment of their (application), then we allow them to increase their prices,” Ain said.