A total of 3,284 fines in the amount of USD 1,946,690.00 were issued to various economic entities from all over the country. Directorate for Consumer Protection and Defense of Market Competition (Acodeco) due to non-compliance with the price control of products in the basic food basket.
The sanctions correspond to 3,111 direct violations of price controls ($1,775,100.00) and 173 fines for non-compliance with the marketing margin ($171,590.00).
According to Acodeco, if a product that is part of this list and its price is not visible, a non-compliance sanction is imposed.
Between products, with greater irregularities, are sardines, lentils, elbows and sausages. Fines range from $250 to $1,750, depending on the size of the business premises, recidivism and the number of anomalies detected.
Penalties for price control irregularities, from 2019 to date, correspond to: 1,887 stores ($803,615.00); 464 supermarkets ($757,437.50); 413 grocery stores ($120,735.00); 66 warehouses ($104,337.50); 221 kiosks ($51,065.00); 25 other activities ($33,925.00).
In addition, anomalies were found in 82 public markets ($23,975.00); 26 consumer cooperatives ($18,200.00); 10 pharmacies ($14,750.00); 80 vegetable stalls ($11,030.00); 4 bakeries ($5,750.00) and 6 greengrocers for $1,870.00.
The most fines at markets, vegetable stalls and greengrocers were applied when some agricultural products, such as onions, plum tomatoes, yams and cassava, were included in price controls but were later excluded.
The measure to extend the price control for another 6 months, according to Executive Order 11 of July 18, 2023, is based on the meeting held in the Price Harmonization Commission, July 11, 2023.
At the meeting, it was agreed that, in order to curb price growth, i enable unimpeded access to basic food products from the basic basketThe executive court was recommended to extend the regulation on price limits for 18 products of the basic food basket for an additional period of six months.
Based on a non-binding consultation with Acodec, under the terms of Article 200 of Act 45 of 2007 on the regulation of product prices, this entity responded positively regarding the possibility of extending the validity of the effects of Executive Decree no. 165 from 2014.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
