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Price gougers at it again


PHILIP HUNTE

Price gougers at it again

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THE CLASSICAL definition of price gouging is the practice of retailers increasing prices when no alternative is available. These days, it has been extended to retailers in spite of other competitors.

An environment exists in which retailers can raise prices, even arbitrarily.

The customer is left with no alternative but to buy the higher-priced goods either because he has the disposable income or because he is unable to purchase the goods from any other source because of geographical inconvenience.

What is the role of the ministry responsible for monitoring prices?

In recent times customers could compare prices of similar goods at different outlets through the print media. That practice should be resumed.

Shopping around used to be a viable option, but it is a very tedious exercise not really worth the effort, especially when one wants goods with some dispatch, like food items.

Measures should be put in place to protect customers with some measure of information on prices and a heightened degree of policing.

– PHILIP HUNTE

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