Thursday, May 30, 2024
27 C
Brunei Town

Price control needed to weather inflation storm

The prices of building materials have been on the increase, thus negatively impacting the entire construction industry. Some items are even seeing a double-digit percentage point increase, causing some companies to lower their growth forecasts, or worse, shut their doors forever.

To tackle the issue, the authorities must put in place a price control mechanism to arrest the rising cost of basic supplies such as bricks, cement, zinc and steel bars.

By putting a cap on prices, perhaps it would bring some much-needed stability to the sector, allowing businesses to recover and rebound from financial losses incurred in the past two years of pandemic struggles.

The failure to do so would only encourage certain suppliers to use COVID as an excuse to choke the life out of businesses, especially smaller ones that haven’t the deep pocket to weather the current inflation storm. Without these smaller companies, it would pave the way for the emergence of monopolies, thus disadvantaging consumers in the long run.

Therefore, it is my hope to see the authorities step in and put a stop to price gouging to ensure that our construction industry remains vibrant and competitive.

Mr Rock