The Prices and Incomes Board is intending to regulate the prices of 24 items under the Counter Inflation Act by the end of this month.
This is based on a directive by Prime Minister and Finance Minister Commodore Voreqe Bainimarama due to the growing concern with the general trend of price disparities in prices of certain basic food items.
Some of the items include rolled Oats and Weet Bix, Ovaltine, Cocoa, Milo imported, tea of all types and forms imported or local, baking powder imported or local, bathing soap, toothpaste of all types local or imported, soap powder imported or local, mosquito coil imported, baby diapers, local and imported baby powder and baby cream, sanitary pad, toilet paper imported or local, baking soda imported or local, digging forks and spades, cane knives and roofing sheets.
The price control means the mark-up percentage on these items will be controlled by PIB and shops cannot charge beyond the controlled mark-up prices.
Acting PIB Secretary Lucy Naimawi said the directive has been issued and based on the price disparities they are now taking the necessary action.
The mark-up percentages proposed by PIB are divided in three groups.
They are Import Mark Up Percentage, Wholesale Mark Up Percentage and Retail Mark Up Percentage.
For most of the 24 basic and essential household items, the retail mark-up percentage is proposed at 10 percent.
PIB is also proposing the controlled wholesale mark-up percentage of 3 to 4 percent for the items while the import mark-up percentage for some items are proposed to be zero while others are to be below 5 percent.
Naimawi said government's role to provide a beneficial environment to private sector development and encourage business has to be balanced with its obligation to protect the welfare of the general populace.
This in an interim measure only spanning eight months effective from the date of implementation upon which time can be subject to review.
People have 14 days to make submissions on the proposed changes before the final price control items and prices are confirmed.
PIB intends to regulate prices
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