Government considers price monitoring device in war on profiteering

STEPPING up its battle on profiteering, the Commerce Ministry is looking at the possibility of setting up a system that would inform consumers of the fluctuations in prices of greenhouse grown products.

This would allow consumers to be aware of seasonal variations in costs and so enable them to make an informed choice on where to buy their products, avoiding retailers making unjustified increases.

The Ministry will hold discussions with the Cabinet on how consumers could be informed of prices. Suggestions include a special telephone service or even broadcasting prices on television and radio on a daily basis as with the price of shares.

The Consumer Protection Services of the Commerce Ministry has been working to see what measures it can take to inform consumers without breaching EU rules on free pricing.

Leondios Pericleos of the Consumer Protection Services yesterday told the Cyprus Mail there was no way they could control prices. “There is no control of pricing in any EU member countries, so we want to tread carefully when informing consumers of prices,” said Pericleos.

But he added that the government did want to take measures to protect the public against profiteering. “We are very worried about the increase in prices and what effect they will have on the people.”

According to the department’s investigations, it would not be against EU regulations for the government to monitor prices or to state a maximum profit that can be made. What is not allowed is for the government to implement a price range on imported products so as not to limit the variety of products available on the market.

“We have already checked the pricing of 61 categories that meet with consumers needs, including thousands of items, such as food, medicines and wooden products to name but a few. The only product whose prices have not been studied are those of cement,” Pericleos added.

“As the Consumer Protection Services, we have the right to examine cases of unjustified increases in prices of products. There are many different prices and it is our job to protect consumers.”

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.