Capping prices without confronting the costs of supplying goods risks compounding the difficulties facing the marketplace, the Georgetown Chamber of Commerce and Industry (GCCI) has cautioned.

In a statement responding to recent public discussions on easing the cost of living, the Chamber said it firmly opposed broad controls on essential food items, which it warned could distort markets, disrupt supply chains, curb availability and ultimately raise costs for businesses and consumers alike.

The GCCI said retail prices are shaped by more than profit margins, including international commodity prices, freight and transportation expenses, access to foreign currency, and local production and distribution costs. Attributing high prices chiefly to excessive profitability without examining these factors would be misleading, it said.

At the same time, the Chamber acknowledged that businesses must uphold fair and transparent pricing. It does not condone price gouging, the exploitation of shortages or anticompetitive conduct, it said, adding that such concerns are best addressed through the appropriate regulatory mechanisms.

Rather than restrict retail prices, the GCCI urged measures that tackle underlying costs. These include widening importers' access to foreign currency, reviewing import duties and tariffs where they add to costs, reducing freight and distribution expenses, strengthening domestic agricultural production and fostering greater competition.

"Efforts to improve affordability must focus on reducing the cost of supplying essential commodities rather than simply restricting the prices at which they are sold," the Chamber said.