Peo warns of price manipulation ahead of expensive Easter

Peo union on Monday voiced concern over price manipulation and profiteering at the expense of the public over the Easter holidays.

Households experience intensified pressure during this period, Peo said, noting price increases for basic consumer goods and electricity, despite the small reduction in inflation, as well as increases in bank interest rates.

“The government should immediately implement substantial measures to create a safety net for vulnerable groups and workers under threat of further deterioration of their living conditions and looming poverty,” the union said.

As part of the measures, Peo reiterated its call for price caps on basic goods, activation of market control mechanisms by the commerce ministry, an end to double taxation of fuel, a reduction in VAT for basic necessities and electricity, and taxation on excess profits as well as substantial support.

Moreover, the union noted that consecutive increases in key interest rates have offered high rates of profitability to banks, which defiantly refuse to address the situation or discuss any measures for the benefit of borrowers and warned of the risk of a new wave of defaults on loans and sales.

“We request from the government to demonstrate the necessary political will and proceed to exert pressure on the banks to reduce their profitability, [rather than] protect their interests [thereby] leaving borrowers exposed,” the union said.