Ecuador: The price of bread in the country is set by each bakery

Finally, May 24 arrived and the market is the one that sets the price of bread. The Union of Bakeries of Ecuador had planned to raise the base cost of the product since yesterday, from 12 to 20 cents, due to the increase in raw materials such as butter and oil and inputs such as diesel, a fuel that is used to operate ovens. The sector stopped its intentions after the warning of the Superintendence of Market Power Control. The control organism exhorted the bakeries to observe the Organic Law of Regulation and Control of Market Power, especially with regard to the prohibition of conducts such as the concerted fixation or manipulation of prices. The Superintendency assured that the law prohibits and sanctions the existence of any type of collective agreement, decision or recommendation, such as behaviors harmful to economic competition. Due to this warning, every bakery in the country currently sets the price of bread, assured Elizabeth Campuzano, president of the Pichincha Bakery ...