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July 29, 2021
Business News

ICCC Pricing Affecting Consumers

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There has been steady economic growth forPNG overthe last decade, as proclaimed bythe Government.


Despite this, average Papua New Guineas claimthey are still affected bythe high cost of most goods and services inthe country.

TheIndependent Consumer and Competition Commission (ICCC) is inthe process of reviewingthe ICCC Act 2002, which includesthe pricing of goods and services.


ICCC revealed this week thatthe reviewing ofthe ICCC Act 2002 will includethe area ofthe pricing of goods and services, as part of Consumer Protection.


Earlier this month, Minister for Treasury Don Polye in presentingthe 2013 Mid-Year Economic and Fiscal Outlook Reportohighlightedthe point about inflation in PNG stating thatthe 8 percent projected inflation at Budget time 2012, is now revised down to 5.6 percent. Bet he saidthere needs to be careful measures taken in dealing with inflation inthe future.


“However, ifthe recent pattern ofthe Kina’s depreciation continues and foreign reserves continue to be reduced, we will need to be very careful that inflationary pressures do not re-emerge inthe economy.”


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