Inflation Alert: ICCC Warns of Rising Food Prices in Papua New Guinea

Inflation Alert: ICCC Warns of Rising Food Prices in Papua New Guinea

​The Papua New Guinea Independent Consumer and Competition Commission (ICCC) has cautioned consumers about an anticipated rise in vegetable oil prices due to increasing international costs.

According to the ICCC, global vegetable oil prices have surged in the final quarter of this year, as reported by the Food and Agriculture Organisation (FAO). This marks a reversal of the downward trend observed since the peak in March 2022. The ICCC attributed the increase to declining palm oil supplies from Southeast Asia and rising global demand.

“Consumers in PNG should prepare for higher vegetable oil prices in the coming months,” the ICCC noted. The organization also acknowledged that several traders had recently sought approval for price adjustments on vegetable oil, commending their cooperation and encouraging others to follow this approach.

The ICCC highlighted its ongoing efforts to monitor essential food prices, ensuring fairness and transparency in the market. Businesses have been reminded to comply with the current Price Control Measure (Number 4) under the National Pandemic Act, which requires ICCC approval for price increases.

The ICCC warned that businesses failing to adhere to these measures would face strict penalties, emphasizing its commitment to protecting consumers from unfair pricing practices.

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