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Price controls considered in UK to stop hikes in coronavirus essentials

Price controls considered in UK to stop hikes in coronavirus essentials

Business
The competition regulator is considering whether to advise the government that price controls may be needed to prevent coronavirus outbreak profiteering.The Competition and Markets Authority (CMA) made its announcement hours after the banking sector revealed it was offering help to customers as growing virus disruption threatens payment deadlines. Meanwhile, the governor of the Bank of England has reiterated that collective action being planned with the Treasury to support the economy would have "maximum impact" if deployed.The CMA said it was urging retailers "to behave responsibly" in their pricing of goods and not exploit the evolving COVID-19 situation.The statement threatened enforcement action against firms charging excessive prices - adding that those making "misleading claims about...
Daily essentials may become dearer soon

Daily essentials may become dearer soon

Finance
KOLKATA | MUMBAI: Consumers may soon have to pay more for daily essentials and packaged food due to a steep rise in input cost, even as companies fear increased price tags could impact demand. Prices of televisions and refrigerators are also set to go up in January. FMCG firms including Nestle, Parle and ITC said cost of commodities such as wheat, edible oil and sugar have gone up by 12-20%, which could force them to either hike prices or reduce pack sizes. This is in addition to milk prices that were raised earlier this week. In consumer electronics, higher flat-panel prices and increased cost due to new, stringent energy-rating rules are set to drive up the prices of TVs and refrigerators. “There is input cost escalation across the board,” ITC executive director (FMCG) B Sumant said. “Pr