The Competition and Markets Authority (CMA) has said it may ask for government intervention to regulate the cost of items such as hand sanitiser as coronavirus panic-buying increases.
The competition watchdog has said it is monitoring reports of price rises and will take “direct enforcement action” against retailers, suppliers or online sellers that are charging above the market rate for high-demand items such as antibacterial gel or face masks amid the outbreak of coronavirus.
The regulatory body has said it could also urge the government to take direct action to regulate the prices of such items.
CMA chair Andrew Tyrie said: “We will do whatever we can to act against rip-offs and misleading claims, using any or all of our tools, and where we can’t act we’ll advise the government on further steps they could take, if necessary.”
Chief executive Andrea Coscelli added: “We urge retailers to behave responsibly throughout the coronavirus outbreak and not to make misleading claims or charge vastly inflated prices. We also remind members of the public that these obligations may apply to them too, if they resell goods, for example on online marketplaces.”
The move follows Amazon’s admission last week that it was struggling to prevent its online sellers profiteering from inflated prices on in-demand items, with prices hiked on some products by as much as 2,000%.
The company said it had removed “tens of thousands” of listings and staff were monitoring listings of related items.
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