CMA and trade bodies' joint statement against price gouging
This joint warning comes as the CMA and various trade associations remain concerned that some retailers have been raising prices unfairly.
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Although reports to the Competition and Market Authority’s (CMA) COVID-19 Taskforce have fallen since the early stages of the pandemic, the warning against hiking prices unjustifiably is aimed at the minority who are still seeking to profit from the coronavirus outbreak by raising prices. As the crisis develops, new types of products could be required by consumers on a large scale, and these may become the focus for unjustifiable price increases.
If customers have been affected by price rises, they can report poor business conduct to the CMA using its online form for reporting businesses. In addition the CMA urges retailers to report examples where prices are being raised because of increases in supplier costs through the same form.