The Authority for Consumer Protection and Competition Defense (Acodeco) in Panama has announced it will maintain strict market surveillance to prevent hoarding and speculation that could affect the price of onions.
The administrator warned that traders engaging in these practices will be fined and face legal proceedings, describing those who hoard to disadvantage Panamanian consumers as "unscrupulous." Acodeco will focus on ensuring that high-demand products during the Christmas season are not subject to hoarding, which could create a false scarcity and drive up prices.
Through price monitoring conducted by Acodeco's Price Information and Verification Department, continuous updates will be provided on the prices of the basic food basket at various retail points. It is important to note that the price of onions, both domestic and imported, is not under price control, so its costs are subject to market supply and demand. In this situation, Acodeco recommended that citizens exercise their responsibility as consumers by actively comparing prices.
"You as consumers have the responsibility to inform yourselves and compare," suggested the Acodeco administrator.
"Of course, we will carry out verifications, not only to prevent speculation, but also hoarding, which often happens by hiding the product so that the price goes up," stated Mr. Balid. "Often in the bigger places, they find better prices, but also in the public markets, there are good prices. What we recommend to all consumers is to walk around and compare a little."
