Government’s top priority should be to keep prices under control

There is only a day left before the start of Holy Ramadan. The market prices of various products have already started to increase.

Especially from Shab-e-Barat, when the purchase of consumer goods begins in preparation for Ramadan, there is an upward trend in prices, which is still continuing. If this trend cannot be overcome, people with low and fixed income groups will suffer.

Meanwhile, the country has been experiencing high inflation for more than three and a half years. The interim government has been able to reduce it somewhat, but it has not been able to bring it to a tolerable level. In fact, inflation has started to rise again towards the end of its term.

Food inflation, in particular, has been on the rise for four consecutive months. Last month, the rate rose to 8.29 percent, while the rate was 7.71 percent in December.

According to data from the Bangladesh Bureau of Statistics (BBS), there are fears that food prices will increase further in Ramadan. During the month, the demand for some consumer goods increases — chickpeas, lentils, edible oil, sugar, etc. In addition, there is an increased demand for various non-vegetarian products.

The prices of these products have also increased for three months, according to the Bangladesh Bank’s report titled ‘Inflation Dynamics in Bangladesh’.

Every year, taking advantage of the increased demand created during Ramadan, some businessmen increase the prices of their products so that they can make more profits.

It can be assumed that, due to election-centric activities across the country, the interim government was unable to pay much attention to market management towards the end of its term, which likely to impact the prices of consumer goods during Ramadan.

As the new government has already taken charge of the country, it can be said that its main challenge is going to be how much relief it can provide to the people throughout Ramadan. An effective step in this regard is to ensure that products are sold at the prices set by the government.

For this, the Ministry of Commerce, the Ministry of Agriculture, Fisheries and Livestock, and the National Consumer Rights Protection Department should work together.

The government must be proactive against unscrupulous traders and hoarders to keep prices of goods normal during Ramadan.

The government must also make efforts to ensure that the prices of consumer goods in the Eid market remain at a tolerable level. The expectation is that people will be able to purchase consumer goods at affordable and comfortable prices during Ramadan and Eid.