The Competition Commission says retailers, processors and producers passed on unjustified price increases on essential products such as sunflower oil, white and brown bread to consumers over the past two years. | News24_Business
The Competition Commission is concerned about essential food prices passed onto consumers over the past two yearsThe Competition Commission has flagged price increases that are"opportunistic" and"may not be justified by costs" on certain food basics over the past two years.
The commission says it will now be investigating the price of a range of essential food products, including bread, cooking oils, maize meal, rice, flour, margarine and pasta at retail and wholesale levels.SA antitrust watchdog, the Competition Commission, says retailers, processors and producers passed on unjustified price increases on essential products such as sunflower oil, white and brown bread to consumers over the past two years.
In the latest Essential Food Pricing Monitoring report released by the Commission on Tuesday, the body said that at the same time there had been"opportunistic price increases in maize meal" to consumers over the past 24 months. The report, which is the eighth one issued by the body since 2020, also had a special focus on the"feed-to-poultry value chain" in 2022.
It said the EFPM reports issued to date have"pointed to concerning features in several food markets and value chains" including larger differences between what farms get paid for food items and in-store prices, growing margins at the processor and retailer level, and"potential opportunistic pricing behaviour for staple food products such as bread and cooking oil".
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