Rising global shipping costs are expected to push up prices of everyday goods in Fiji, as geopolitical tensions disrupt key trade routes, the Fijian Competition and Consumer Commission says.
Vessels are being rerouted away from the Suez Canal through the Cape of Good Hope, adding up to 14 days to transit times and tightening global shipping capacity. War-risk insurance premiums have also surged, with costs flowing through to ports such as Suva and Lautoka.
The FCCC says the Containerised Freight Index has risen by more than 35 per cent compared to the same period last year, raising concerns for Fiji, which imports around 80 per cent of its consumer goods.
“Our message to the public is to plan ahead and shop wisely where possible. We are closely monitoring the markets and will release updates on specific commodities in the coming days,” said FCCC chief executive Senikavika Jiuta.
The Commission warns that fuel and haulage sectors are likely to feel the impact first, with increases expected to be passed on quickly. Construction materials such as steel and cement are also expected to rise, while retail and grocery prices may increase more gradually as existing stock runs out.
The Government has already activated Phase One of the National Fuel Emergency Action Plan and is monitoring the situation through the Fuel Advisory Committee and the National Disaster Management Office.
FCCC has also issued a strong warning to businesses against unjustified price hikes.
“We will not tolerate opportunistic pricing. Any trader found exploiting freight cost increases as a pretext for unjustified price hikes will face strict enforcement action,” Ms Jiuta said.
The Commission says it will step up compliance checks, requiring businesses to provide clear records to justify any price increases as global pressures continue to impact the local economy.
