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Soaring commodity prices

Published : Wednesday, 13 October, 2021 at 12:00 AM  Count : 589

Suddenly prices of most daily essentials, including chickens, eggs, onions, sugar, gas, flour and milk, and many more has increased at an alarming rate. Broiler chicken price has shot up from Tk 120 to Tk 190 per kg, soybean oil from Tk 110 to Tk 160, coarse pulses from Tk 60 to Tk 100 and prices of almost all vegetables have increased by Tk 5 -10. Because of this sudden and irrational price hike of daily necessities low-income people are finding it difficult to make ends meet. From paying house rent to buying food, reality for fixed or limited income earners is changing all for the worse.

According to a survey conducted by the non-governmental organisation BRAC- between 31 March and 5 April this year in 64 districts of the country - the rate of extreme poverty has increased by 70 per cent. Around 14 per cent people had no food at home. Among them are a large number of day labourers, construction workers and rickshaw pullers.

However, though the pandemic is fast coming under control, Bangladesh economy has not recovered so fast.

Steady income for millions of commoners has taken a nosedive. Therefore, unemployment rate is also higher than the pre-pandemic times. Under these circumstances, low income people are grappling to survive. In addition, the recent price hike has worsened their precarious condition.

Supposedly, members of syndicates have begun their dubious price manipulating practices, just before the festival of Saradiya Durga Puja. In Bangladesh, once the price of a commodity increases it never goes down to the previous level and people get used to this hiked price. Therefore, our price control regulatory bodies must deter it with an iron fist.

Evidently, the unscrupulous syndicates have become involved in market manipulation. Local wholesale and retail traders must not have any valid reason to increase price of necessary commodities, since there is no lack of stocks and supplies of these items, except a few. Hence, this price hike is unexpected and unacceptable. The importers and local traders must refrain from making a quick buck from hard-hit consumers.

The point, however, when daily commodity markets do not function in accordance to ethical business practices, the government must come down heavily on importers and traders - compel them to operate rightly - thus busting the market manipulating syndicates everywhere.

But sadly, the government is precisely failing to do that year after year. However, in order to keep the market stable, the government needs to ensure stockpiling and supply of daily commodities, especially kitchen market essentials. TCB should be proactive in this regard. If the supply of goods is stable, importers and traders will not be able to raise prices arbitrarily by creating an artificial crisis.






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