CFTC market analysis finds rapid price increase on basic commodities

Competition and Fair Trading Commission CFTC says its market inspection in the first quarter of 2021 has shown rapid price increase on basic commodities.

This comes following complaints from consumers on the increase of the basic commodities especially cooking oil.

Malawi Revenue Authority had earlier indicated that the introduction of Value Added Tax VAT on cooking oil has no effect on the consumer.

Speaking in an interview with Radio Islam, CFTC spokesperson, Innocent Helema says they have already started engaging some traders who have adjusted the prices based on the introduction of VAT on the commodity.

“The consumers should take responsibility of making decisions which are in line with market forces saying this will help in minimizing unfair commodity pricing on the market,” Helema

Meanwhile, Malawi Revenue Authority MRA says 279 people have benefited in the Kuiphula ndi Lisiti langa promotion.

According to MRA spokesperson Steve Kapoloma “the campaign has received overwhelming response from consumers based on the large number of people that have so far been given the 40,000 reward for reporting non Electronic Fiscal Device EFD receipts compliant traders.”

Kapoloma said it is the duty of every citizen to report any trader who is not issuing EFD receipts saying this is defrauding government.