Over $1 million in fines for price control violaters

PANAMA’S  Consumer Protection Agency  has imposed fines  totaling $1.186 million  since July 14, 2014, when price controls on basic food items were introduced.

he latest report of the regulatory body , stated that it has conducted more than 40,000 site visits since the controls went into effect.

Officials from the retail food  sector have a meeting planned with Minister of Commerce and Industry Augusto Arosemena to discuss concerns they have about the price controls before the government extends the measure. They say the controls violate the basic idea of a free market.

The position of entrepreneurs and the Chamber of Commerce is that price controls are not needed because of changing conditions in both the international and national economies.

They cite the low prices of fuel and raw materials, which has contributed to a low rate of inflation, as well as a low unemployment rate and rising minimum wage.

President Juan Carlos Varela has extended the price controls three times.