Chamber of Commerce blanks price control suggestions; Suggest underlying causes be examined

Firmly opposing suggestions for price controls to be introduced on food items, the Georgetown Chamber of Commerce and Industry (GCCI) has warned that such an intervention could distort market conditions, disrupt supply chains, reduce product availability and ultimately increase costs for businesses and consumers alike.

The warning comes after the Leader of the Opposition, Azruddin Mohamed proposed that there be some form of price control for basic food items at certain supermarkets and establishments to cushion the impact of the rising cost of living.

He said price controls would help to bring the country out of the crisis it currently faces.

But the Chamber of Commerce in a statement said restricting prices without addressing the costs associated with supplying goods risks creating further challenges within the marketplace.

“Retail prices are influenced by several factors beyond business profit margins, including international commodity prices, freight and transportation expenses, access to foreign currency, local production costs and distribution expenses. It would therefore be misleading to attribute high prices principally to excessive business profitability without examining the factors contributing to the final cost of goods,” the GCCI said.

The Chamber also said businesses have a responsibility to uphold fair and transparent pricing practices.

“The GCCI does not condone price gouging, the exploitation of shortages or anticompetitive conduct, and believes that concerns about unfair commercial practices should be addressed through the appropriate regulatory mechanisms,” the Chamber said.

The GCCI said instead of imposing restrictions on retail prices, attention should be directed towards measures that address the underlying costs of essential goods. These include improving access to foreign currency for importers, reviewing applicable import duties and tariffs where these contribute to higher costs, reducing freight and distribution expenses, strengthening domestic agricultural production and encouraging greater competition within the marketplace.

According to the Government’s 2026 Mid-Year Report , consumer prices rose 4.4 per cent in the first six months of 2026. Food prices increased 6.7 per cent and accounted for most of the overall rise. The 12-month inflation rate stood at 4 per cent in June.

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