The Federal Government will begin to roll out sanctions against members of trade associations guilty of anti-competitive practices, and indiscriminate and irrational hikes of food prices.
Chief Executive Officer of the FCCPC, Babatunde Irukera, says they will continue to monitor the market, and intervene where prices are excessive or find exploitative conduct.
Irukera, says some trade unions had constituted cartels to engage in anti-competitive practices that have led to price gouging of basic food items.
He noted that taking a hard line against indiscriminate food price hikes had become imperative in light of the president’s declaration of food security as a national emergency last week.