The Centre for the Promotion of Private Enterprise, CPPE has urged the Federal Competition and Consumer Protection Commission to avoid a price control mindset.
The Director of CPPE, Dr Muda Yusuf disclosed this in a statement on Sunday.
The CPPE comments come days after FCCPC issued a month ultimatum to traders, and businesses to crash the prices of goods.
Reacting, CPPE said the disproportionate focus of FCCPC on the retail segment of the economy calls for concern.
The economic think-tank group stressed that Consumer protection is not about directly seeking to control prices at the retail end of the supply chain.
“The Federal Competition and Consumer Protection Commission [FCCPC] appears to be unwittingly transforming into a price control agency rather than a consumer protection commission.
“The disproportionate focus of the commission on the retail segment of the economy and pricing issues underscores this assertion.
“The core mandate of the commission is the creation of a robust competition framework across sectors and protection of consumer rights and interests. Consumer protection is not about directly seeking to control prices at the retail end of the supply chain. This is why the CPPE is concerned about the approach, methodology, targeting and the recent threats by the FCCPC to market leaders, traders and supermarket owners.
“The commission seems to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy. Even then, the core mandate of the commission is not to fight inflation. The fiscal and monetary authorities are statutorily responsible for macroeconomic policy issues and are better placed to deal with the challenge of high prices
