The Competition and Markets Authority (CMA) has stated it may need government intervention to regulate the cost of items as “panic-buying” increases thanks to the coronavirus outbreak.
The competition watchdog announced it is monitoring reports of price rises and will take “direct enforcement action” against those charging above the market rate for high-demand products.
These products include antibacterial gel, toilet rolls, or face masks. “We will do whatever we can to act against rip-offs and misleading claims, using any or all of our tools, and where we can’t act we’ll advise government on further steps they could take, if necessary,” CMA chair Andrew Tyrie said.
Chief executive Andrea Coscelli said, “We urge retailers to behave responsibly throughout the coronavirus outbreak and not to make misleading claims or charge vastly inflated prices.”
“We also remind members of the public that these obligations may apply to them too, if they resell goods, for example on online marketplaces.”
Meanwhile, new research found that retailers’ own brand hand sanitisers are being sold online for up to 5000% more than the original price due to coronavirus fears spiralling.
Online retailer Ebay has seen its users selling Lidl’s own brand hand sanitisers from 49p to £24.99, which is a 5000% price increase, according to Liberty Marketing.
Full Content: Retail Gazette
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI