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If you’re complaining about the escalating prices of goods and services, take note that it this isn’t going to slow down. And it’s not limited to Papua New Guineans – rise in prices of fuel is one major factor driving up these prices.
The CEO for City Pharmacy Limited, one of PNG’s largest retailers and employers, has warned in a LinkedIn post Papua New Guineans will pay up to 10% more on their groceries. This is largely due to the increase in the price of fuel.
In explaining the situation, CEO Navin Raju said:
“Companies previously have been able to absorb most of the increase in costs. It’s now at a point where it’s not economical for these costs to be absorbed and it’s having a major impact on business cashflow with dwindling margins”.
The increase in prices is not limited to CPL as major suppliers are also increasing their costs to stay economical.
The situation is the same in Australia with news.com.au stating that supermarket items “could rise by 20 per cent“.