People crushed by price hike: Let there be relief in the market

THERE is no relief in the market! This is the harsh reality of daily life for the lower and middle classes.

People in these segments are forced to navigate this situation. The runaway surge in commodity prices simply cannot be reined in. Why is this happening?

Consumers find a different reality when they visit the market. The financial burden of food costs has not actually eased for consumers.

Most people are struggling to cope with the rising prices of commodities.

Needless to say, the prices of all varieties of vegetable, soybean oil, rice and other kitchen ingredients have risen in different markets of the capital on Friday.

On the other hand, the abnormally high prices of commodities have long placed not only low-income earners but also the ordinary middle class people in a difficult position.

The recent electricity and fuel crisis has not only exacerbated their suffering but also created instability across the country’s industrial sector, leading to workforce reductions in many establishments.

The government must consider how dire the situation could become if swift and effective measures are not taken to bring the market under control.

According to the latest data from the Bangladesh Bureau of Statistics (BBS), the inflation rate is on a downward trend.

Last July, the country’s inflation rate dropped to 8.32 percent, down from 9.16 percent in June.

During the same period, food inflation also declined from 8.60 percent to 7.16 percent.

Meanwhile, Commerce Minister Khandaker Abdul Muktadir stated at an event that constant monitoring of the opening of Letters of Credit (LCs) by traders, as well as import and supply activities, is underway to prevent the creation of artificial market crises.

He further said that essential commodities are being provided at subsidized rates to approximately 7.8 million families monthly through the TCB. Regular OMS operations under the Ministry of Food are also ongoing.

However, the question remains as to the extent to which these initiatives are effectively addressing the demands of the situation.

The monopolistic dominance of a handful of corporate entities in the essential commodities market persists unabated.

Allegations have surfaced that certain unscrupulous traders and middlemen are gradually raising prices, citing the announcement of the new pay structure for government employees as a pretext.

Therefore, strict surveillance must be intensified to maintain a normal supply of goods in the market.

Middlemen often exert undue influence; alongside curbing their manipulations, extortion must also be stopped.

We expect the government to take a firm stance in establishing control over the market.

Hopefully, the market will also see relief alongside the reported decline in inflation.