The Federal Competition and Consumer Protection Commission (FCCPC) conducted a fact-finding mission on Friday, visiting markets in Osun to understand the reasons behind the rising food prices. FCCPC officials visited Olufi Market in Ayedaade Local Government and Ifon Market in Orolu Local Government.
During the visit, FCCPC met with market leaders and traders to discuss the continuous increase in food prices. Mrs. Janet Odo, FCCPC South-West Zonal Coordinator, stated that the visit aimed to interact with traders’ associations and marketers to identify factors driving the price hikes.
Odo revealed that the commission’s surveillance indicated that wholesalers and retailers might be involved in conspiracy, price gouging, hoarding, and distorting competition in markets nationwide. The visit aimed to verify these allegations and educate traders on fair market prices.
Mrs. Bukola Ogunyinka, leader of the market women association at Olufi Market, explained that traders are not responsible for inflating prices. She pointed out that since the removal of the fuel subsidy, food prices have been rising. She cited an example of a bag of brown beans that increased from N120,000 to N160,000 within a week. Ogunyinka called on the government to take action.
Similarly, Mr. Muniru Adeyeye, leader of the market men association, denied that traders were inflating prices. He attributed the increase to higher transportation costs following the removal of the fuel subsidy. Adeyeye described the current inflation as unprecedented and urged the government to act swiftly.
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