ICCC to conduct nationwide price surveillance enforcement exercise

The Independent Consumer and Competition Commission (ICCC) is set to carry out the second phase of its nationwide price surveillance starting this month (February 2024).

This price surveillance enforcement operation is a lead-up to a set of measures (No. 4 Price Controls) issued under the National Pandemic Act 2020 by the Office of the Controller on 30th March 2023.  

A total 783 retail and wholesale businesses throughout the country were inspected by the ICCC and prices of certain declared goods listed in schedule 1 of the No.4 Price Controls (Price Measure No.4) were collected during the first phase of this price surveillance and inspection exercise conducted between August and October of 2023. 

The prices collected during phase 1 will be used as ‘base prices’ by the ICCC to monitor any subsequent price increase(s) of the declared goods listed under schedule 1. The price increase(s) of these listed goods must NOT be above ten percent (10%) or more. Any retail or wholesale shops that wish to increase the prices of the listed goods MUST apply and seek approval from the ICCC.

Any retail or wholesale business that fails to comply with Price Measure No.4 or does not seek prior approval from the ICCC will be issued with an Infringement Notice (IN). Failing to pay the IN, the ICCC will not hesitate to take legal proceedings and prosecute accordingly.

ICCC is again remining and informing the retail and wholesale businesses to comply with Price Measure No.4. The ICCC also encourages the retailers or wholesalers that have not yet applied for any price increase of more than 10% on the listed goods to submit their price application to the ICCC for approval before the operation (Phase 2) starts.