Price increases only possible with higher procurement costs

The rise in the customs exchange rate does not automatically mean that retailers must increase their prices. Minister Rishma Kuldipsingh of Economic Affairs, Entrepreneurship, and Technological Innovation (EZ) emphasizes that it is important for entrepreneurs to base their prices on the cost price and the customs exchange rate at the time of purchase.
If retailers have procured goods at a certain price, they are not obligated to adjust those prices immediately, even if the customs exchange rate has increased, as it has recently. This helps maintain stability in the market and prevents consumers from being directly impacted by price increases. The minister made this clear on Wednesday before the weekly Council of Ministers (RvM) meeting.
Minister Kuldipsingh discusses an important aspect of price control. The EZ monitors prices based on invoices and purchase receipts. If entrepreneurs cannot provide these documents, they risk facing strict penalties. The Economic Control Service (ECD) ensures that expired and prohibited products are removed from the market and that entrepreneurs adhere to guidelines. This contributes to a fair market and protects consumers.
The minister underscores the importance of lower prices for the community and is determined to take stricter action against entrepreneurs who violate the rules. “Given the challenges of importing and the impact of global events on prices, it is understandable that it is difficult to lower prices quickly,” she says. According to Kuldipsingh, consumers also play an important role by being mindful of their purchases.
Through the complaints center, consumers can better make their voices heard. The three-step procedure for imposing fines and closures is an effective way to encourage entrepreneurs to comply with the rules. This system, which involves the Public Prosecution Service (OM) in determining fines, provides a clear and structured approach to violations.

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