CFTC’s theme for this year’s World Consumer Rights Day, ‘Fairness in Pricing for a Sustainable Future’ motivated by increase in number of complaints on escalation of prices

* The CFTC has registered a substantial number of complaints in the current year bordering on suspicions of excessive and exploitative pricing of products and services

* The CFTC is mindful that fair pricing plays a crucial role in establishing trust and fostering long-term relationships

* Between businesses and customers besides safeguarding the economic interests of consumers 

By Duncan Mlanjira

Motivated by an increase in the number of complaints due to escalation of prices of goods and services, Competition & Fair Trading Commission (CFTC) has mooted the theme; ‘Fairness in Pricing for a Sustainable Future’ to commemorate this year’s World Consumer Rights Day that falls today, March 15.

In a statement, Chief Executive Officer, Lloyds Vincent Nkhoma says CFTC “has registered a substantial number of complaints in the current year bordering on suspicions of excessive and exploitative pricing of products and services”.

“The CFTC is mindful that fair pricing plays a crucial role in establishing trust and fostering long-term relationships between businesses and customers besides safeguarding the economic interests of consumers. 

“Unfair pricing practices can, therefore, have far-reaching negative consequences on the livelihood of consumers through, among others, exacerbating poverty and inequality.”

Nkhoma adds that in celebrating the Day, it must be emphasised that fair pricing “is not only essential for achieving price transparency, but also for fostering a healthy and sustainable market environment that benefits both businesses and consumers”.

In leading consumers and traders in the commemoration, the main activity for the day will be a panel discussion today, March 15 from 19h00 that will be aired on Zodiak Radio, TV and Facebook. 

The panelists for the discussion will include officials from CFTC, Ministry of Trade & Industry, COMESA Competition Commission, and the Economics Association of Malawi.

The annual World Consumer Rights Day is an occasion for celebration and solidarity within the international consumer and this year’s global theme is ‘A just transition to sustainable lifestyles’.

For over 40 years Consumers International has run the campaign to demand that the rights of all consumers are respected and protected, and to protest against market abuses and social injustices which undermine those rights.