Traders want govt to investigate cause of soaring commodity prices

Traders have asked the government to investigate the cause of soaring prices for commodities in the country.

They allege that some manufacturers are deliberately cutting production to create scarcity and hike prices as a result of increased demand for their commodities.

“Government should investigate the cause of soaring prices because we are getting information that some manufacturers are cutting production intending to take advantage of the situation to earn money," said the spokesperson of United Arcaders, Traders and Entrepreneurs Association (UATEA), Moses Rwegaba.

The traders' request came at a time when the Uganda Bureau of Statistics (UBOS) officials have equally tasked the government to investigate the matter

“Something is wrong because the tax on soap took effect in July. Assuming there was a lag effect, our data shows that by July the prices had not changed considerably. So, the government needs to investigate this issue,” said the Executive Director of UBOS, Chris Mukiza, in a media statement issued over the weekend.

The traders' woes started early this year (around February) when commodity prices for soap, sugar, cooking oil and smearing oil, among others, started rising.

By the end of February, statistics from UBOS indicated that prices of some commodities like soap and other detergents had gone up by 85%. For example, a bar of soap is currently selling between sh8000 – sh10,000 from sh3500 (at the beginning of the year).

Source: New Vision

Releated

1955 Mercedes Sells For Record $143 Million: Sotheby’s

A 1955 Mercedes-Benz, one of only two such versions in existence, was auctioned off earlier this month for a whopping $143 million, making it the world’s most expensive car ever sold, RM Sotheby’s announced Thursday.The 300 SLR Uhlenhaut Coupe was sold…

African Scientists Baffled by Monkeypox Cases in Europe, US

Scientists who have monitored numerous outbreaks of monkeypox in Africa say they are baffled by the disease’s recent spread in Europe and North America.Cases of the smallpox-related disease have previously been seen only among people with links to cent…