Home ›› 01 Aug 2022 ›› Opinion
In the recent times, the price of commodities has shot up in the country and the cost of life-saving medicines has been burgeoning as well. As a result, the lives of those of us with limited income have become miserable. As a result of uncontrollable inflation, on the one hand the masses are financially suffering, while on the other hand a few profiteers are picking the pockets of the masses and acquiring huge wealth overnight.
Majority of the people in our country have limited income. The condition of most of the salaried people and other professionals is going from bad to worse with every passing day. All these working people are not able to keep up with the expenditure due to the increase in the price of goods. People are already suffering from the after effects of the Covid-19 pandemic and are suffering from various problems; on top of that, the unbridled increase in the price of medicine, the increase in the price of goods has become a sore spot.
Not only the low-income people, but also the middle and lower middle classes are experiencing extreme hardship in their lives. A number of bribe-takers and black money owners have a different story. When people have to struggle to survive with a limited income they ultimately fall into an abyss of economic quagmire. If the price of daily necessities abruptly increases several times for various reasons, the misery of people becomes truly indescribable. However, many blame the increase in commodity prices to the price rise in the international market and the Ukraine-Russia war. But the real reality is that in our country if for any reason the price of a commodity increases once it does not decrease again. This is a sad phenomenon.
In the last few years, the prices of various types of food items, fuel oil and daily essential products have increased at an alarming rate up to three times in some cases. Compared to that, people’s income has increased very little. As a result, many are trying to survive by borrowing or exhausting past savings.
Meanwhile, the difference in product prices in the wholesale and retail markets is significant. When the price of daily necessities is low in the international market, why does it increase suddenly in Bangladesh? Unplanned imports increase prices. The market should dictate the price. However it becomes a cause for worry when factors other than the market lead to price hike. Pertinent observers say that some people are making profits through nefarious syndicates.
In Bangladesh, the competition for price hikes every year starts mainly around onion, edible, fuel oil or gas-electricity. Bangladesh produces about 80 percent of the required onions. The rest of the onions are mainly imported from India. And as soon as this import crisis starts, the price goes up. The effect of which begins on all consumer products Bangladesh is also dependent on edible oil. However, the import of this oil is controlled by five companies In order to increase the price of fuel oil, there is talk of coordination with the international market.
Analysts say that the syndicate and the wrong policy of the government are working here. If the price of fuel oil decreases in the international market, BPC will not decrease here. In the last one year, BPC has earned five thousand crore taka.
As a result, the majority of the people have to bear the brunt of the disaster. In such a situation, long queues are seen in front of trucks in various districts for TCB’s fair price consumer goods. The middle class and lower-middle class are also seen in these lines.
As the prices of daily necessities are increasing, people from different classes and professions are standing in line in front of TCB trucks to get products at low prices.
Due to rising commodity prices, people belonging to the middle class are also joining the line with people with low income. Many of them are forced to hide their faces when they see the media cameras. They complain that they are standing in line for TCB products as they are unable to match their income with the rising prices of daily necessities. Basically, the cost of living in Bangladesh is unbearable for many. According to different studies the pandemic has increased poverty and unemployment. Studies say that millions of people have slipped below the poverty line since the pandemic.
On the other hand inequity is increasing in the society. The number of bank account holders with one crore taka in Bangladesh is now more than one lakh. The income of those millionaires has increased. The income of 20 lakh government employees has increased. But the income of common people has not increased. On the contrary, many have lost their jobs and businesses. And even when the income of ordinary people has increased, it has been eaten up by inflation.
According to data from Consumers Association of Bangladesh (CAB), the cost of living increased by 6.88 percent in 2020. It increased by 6.50 percent in 2019 and 6 percent in 2018. The cost of living in Dhaka has increased the most during this period. They believe that the rate of increase in the cost of living this year has exceeded all previous estimates.
Bangladesh Bureau of Statistics (BBS) says that it took 292 taka to buy goods and services per day in March this year, which was 277 taka in March last year. That is people have to spend 15 taka more. As a percentage it is about five and a half per cent more.
On the other hand, because the unscrupulous businessmen are powerful, their syndicates cannot be broken. Many of them are now occupying high positions in the society.
The performance of the 14 market monitoring teams of the Ministry of Commerce, the Directorate of Consumer Rights, and the Competition Commission are not up to the mark.
Against this backdrop, we believe the goodwill of the concerned authorities is more important to break the cycle of syndicates and take effective measures to control commodity prices. It is our expectation that the relevant officials of the government will come forward to curb the exponential rise in the current price of goods. Low-income people are under a lot of pressure due to the increase in the prices of food grains and other essential commodities. In this situation, verbal assurance will be of no use to the people. To keep the market stable, the government needs to ensure stockpiling and supply of daily commodities, especially food products. TCB should be proactive in this regard. If the supply of goods is stable, traders will not be able to raise prices arbitrarily by creating an artificial crisis.
The writer is a freelance contributor. He can be contacted at atik.buft.edu.bd@gmail.com
