CFTC pounce on 19 companies over Excessive adjustments of goods and services

The Competition and Fair-Trading Commission (CFTC) has formally approached 19 manufacturers and suppliers of products and services to clarify their decision behind price adjustments following the devaluation of kwacha.

According to the press statement signed by CFTC Chief Executive, Lloyds Vincent Nkhoma, following an investigation carried out by their employees in markets and shops located in the towns and cities of this country, they have observed that some companies have raised the prices of goods and services beyond the standard and without regard to the laws of this country.

“While it is obvious that any devaluation of the currency may trigger an upward adjustment of pricing of goods or service, the CFTC has noted that some Companies have increase their prices beyond the normal price,” reads part of the statement.

The Statement, however, did not mention the names of these companies that have been approached.

CFTC is monitoring market trend and pricing of goods in stores and other commercial areas in collaboration with the Ministry of trade, following President Lazarus Chakwera’s order on November 15.