Market monitoring essential to check inflation

The Ukraine War immediately after the almost two year Covid-pandemic onslaught has ravaged economies, leaving most countries in the world faced with high inflation. The war, which is showing no signs of ending anytime soon polarised the major powers, severely disrupted supply chain and dismantled the global commercial apparatus.

The condition in Sri Lanka, the once economic miracle, currently struggling to cope with scarcity of food, fuel and medicine, may not be a direct consequence of the war but experts contend that the precarious condition in the island nation was exacerbated by the European conflict.

As a result of the war, fuel prices have become capricious, trade has slowed with prices of essentials seeing a record rise.

For countries like USA and UK, the inflation is reportedly 10 per cent while in Bangladesh, it has crossed 9 per cent.

Surely, this does not paint a favourable picture and considering the reality on the ground, the PM made a prudent call for austerity almost three months ago.

Now the premier has underlined the need for market monitoring – another timely exhortation given the tendency of certain immoral segments to exploit a grave condition to make a quick profit.

Market monitoring is not a new practice because almost every Ramadan the government launches some form of market surveillance to ensure general consumers are not left at the mercy of sellers.

Those usually lasted for the month of Ramadan, with the market checks losing momentum post Eid. However, we are now in a different situation: a war in Europe is having unfavourable impact on commerce trade, fuel price and dollar reserves. Therefore, any monitoring procedure has to be well thought out, strategic and enforced with diligence.

To begin with, every kitchen market should have a large board with the standard selling rates mentioned and a magistrate put on full time duty.

Some whole sellers have the predilection to hoard products to trigger an artificial price hike. They can be stopped with on the spot fines along with short term imprisonment.

To ensure that law enforcers stationed at the market do not succumb to temptations of bribery form sellers, the media will have to remain vigilant.  TV channels can divide the major markets to carry out regular price monitoring.

Precautionary measures can minimise price manipulation but to completely tackle unjust practices, a consensus among the sellers is needed. They must realise that the country, currently faced with a grave situation, may wade into more troubling times in the future.

In such a scenario, empathy is essential. The government is considering removing VAT from certain essentials, which is commendable.

The TCB truck selling items at a low rate to support people from low income families need to remain while the government in partnership with development agencies may begin selling rice-edible oil-lentils-onions package at a minimal rate at all urban slums.

The large business conglomerates, as part of CSR, can sponsor special meat markets aimed at providing necessary protein for the low income families.

While there is no denying that the country and the world are facing tough times, Bangladesh is no stranger to austerity plus economic stringency. The two decades after war were marked by rations, living on tight budgets and curtailing indulgent behaviour.

This moment in time is difficult but we have passed a sea of tribulations before; there’s no reason why this country cannot do so again.

Strategic approaches, a concerted drive from law enforcers, a sharp vigilance from the media plus a sense of morality are enough to take us through the rough waters.