A core function of the Fijian Competition and Consumer Commission (FCCC), as per the FCCC Act 2010, is to control the prices of goods and services where competition is deemed to be restricted or lessened in the Fijian market.
Price control in Fiji is currently limited to goods and services that are included in the ‘National Consumer Basket’ that an ordinary urban family consumes and where the competition for goods and services are limited.
Since its inception in 2010, the Commission has made some modifications to how price control was traditionally conducted, including publicising maximum wholesale and retail prices in a master list based on the approved mark-ups to ensure Fijian consumers are fully informed.
The Commission controls prices of goods and services as represented below :
Price control is done for the following reason
- It prevents suppliers from engaging in price gouging or charging outrageously high prices for limited goods or services simply because they are able to.
- It is beneficial for keeping the cost of living affordable during periods of high inflation. Inflation describes the trend of prices for goods and services gradually increasing over time.
- During high inflationary periods, prices increase faster than incomes, which reduces a
currency’s purchasing power, making price ceilings necessary for consumers to maintain
their standard of living.