Why can’t the government curb market manipulators?
In the wake of the recent inter-ministerial meeting, where decisions were taken to enhance market vigilance over supply chains of daily essentials, it’s imperative to reflect on the persistent challenges faced by consumers due to skyrocketing commodity prices. While the intention to curb market manipulators and ensure stable prices is commendable, economists raise crucial concerns about the effectiveness of such decisions.
The rising prices of staple foods like rice, along with vegetables, spices, beef, eggs, and chicken, are causing considerable distress among the populace. The post-harvest Amon season has failed to bring relief, and with the onset of the New Year, the situation seems to be exacerbating. The success of decisions hinges on their implementation. Unfortunately, the yesteryears did not witness any meaningful execution of market monitoring decisions, leaving the citizens skeptical about the latest pledge to tackle the issue.
As the confirmation of the abundance of Ramadan items by top ministers of the newly formed government, unscrupulous businesses and market intermediaries will, hopefully, be demotivated not to raise the essentials’ price. We recommend that you take stern measures against these entities. Immediate measures are imperative to contain the rising prices of essential commodities. The urgency cannot be overstated with the average inflation rate hovering around 9.5 per cent in the first five months of the current financial year.
The consumers buy commodities at prices twofold to threefold at what the producers sell. This is happening due to severe anarchy in the market management system. The third party is making the profit. Has the government nothing to do to resolve this?
However, fisheries and livestock minister Abdur Rahman’s commitment to taking tough measures against market manipulators is encouraging. In a free market economy, such clarity is crucial for the welfare of the market. As Bangladesh enters the fourth straight term of the present political regime, addressing price hikes must remain a top priority, as promised in its election manifesto.
The time for rhetoric has passed; concrete and swift actions are the need of the hour. The government must deliver on its commitment to stabilize prices and protect the interests of its citizens. Transparent investigations, strict enforcement of regulations, and continuous monitoring are imperative to restore faith in the market and alleviate the burden on the majority grappling with the consequences of inflation.
