Md. Zillur Rahaman: In the rising of commodity prices, human life is inevitable. The recent rise in fuel prices has added a new dimension to this effects and here rising transportation and production costs have created another opportunity for price hikes. There are no essential commodities in the market, starting from rice, pulses, edible oil, cooking gas, onions, vegetables, the prices of which are not skyrocketing. There is no denying the fact that our standard of living has improved and our income has also increased. But uncontrolled and unbridled rise in commodity prices is making public life really unbearable. Consumers, indifferent, especially low-income people, are running out of money to buy the basic necessities of life. They no longer have the money to spend on health, medical care, education, etc. They neither can say, nor bear the extra The price of essential commodities has increased several times more than the rate at which income has increased.
The only reason is that the concerned authorities have no effective control over the market. No market monitoring and remedies accordingly. The most difficult situations in rising commodity prices are the low-income, retired honest government employees, the elderly and the marginalized. Most seniors are in the most difficult situations. They don’t eat at home, they don’t die at the way. The plight of the employees who have spent their lives honestly is even more deplorable. Because their only savings in working life is pension or gratuity money. They have bought savings certificates with the money of the last resource of life. They have to carry out their family life completely with the profit money of these savings certificates. As if to bring salt to drink.
In fact, the government has no control over the market. Traders are syndicating and increasing the prices of essential commodities on various pretexts, causing misery to the common man. Once the price of a product goes up, it does not go down. Although various government agencies are working in this regard, it is not coming under control as it does not play an effective role. There is an organization called Consumers Association of Bangladesh (CAB), but their activities are not so noticeable. Although it was established to protect the rights of consumers, in reality the extent to which they are protecting the rights of consumers is a matter for the public. Besides, it is being noticed that many exporters are exporting various types of products including vegetables in the hope of making extra profit without meeting the demand of the country and the government is not supervising the matter.
Economists consider inflation to be the biggest foe of the economy, because inflation reduces people’s purchasing power, increases the suffering of middle and lower income people and makes the living standards of consumers miserable. People are once plunged into despair and social unrest increases. The rise in prices of daily commodities has also surpassed the volatility of inflation. But the recent rise in prices of onions, edible oil and gas has surpassed all past records. The price of onion in the wholesale market has recently hiked almost double per kg.
| ব্যাংক, ব্যাংকার, ব্যাংকিং, অর্থনীতি ও ফাইন্যান্স বিষয়ক গুরুত্বপূর্ণ খবর, প্রতিবেদন, বিশেষ কলাম, বিনিয়োগ/ লোন, ডেবিট কার্ড, ক্রেডিট কার্ড, ফিনটেক, ব্যাংকের নিয়োগ বিজ্ঞপ্তি ও বাংলাদেশ ব্যাংকের সার্কুলারগুলোর আপডেট পেতে আমাদের অফিসিয়াল ফেসবুক পেজ 'ব্যাংকিং নিউজ', ফেসবুক গ্রুপ 'ব্যাংকিং ইনফরমেশন', 'লিংকডইন', 'টেলিগ্রাম চ্যানেল', 'ইন্সটাগ্রাম', 'টুইটার', 'ইউটিউব', 'হোয়াটসঅ্যাপ চ্যানেল' এবং 'গুগল নিউজ'-এ যুক্ত হয়ে সাথে থাকুন। |
It is not only onions that are spreading in the market. Oil after onion and gas after oil are spreading heat. The vegetable market is also on fire. Consumers are burning in the fire of commodity prices. After the COVID-19 epidemic, the income of all people is less and many have lost their jobs. The low-income people are in a state of flux due to rising commodity prices.
At present, the prices of every essential commodity like rice, oil, onion, vegetables etc. are increasing. The traders made one excuse as the reason for the increase in the price of each product and the government also agreed with them. But there are some products that go up in price even though there is no shortage of supply. In other words, a group of miscreants called syndicates are wielding sticks from behind and ordinary people are counting the cost. Cutting their pockets everyday, but no one to watch.
As the price of fuel oil rises, so the expenditure on production cost, transportation, medical care and education is also on the rise alongwith other necessities. The prices of public and private services are also rising. Consumers’ income is not increasing at the rate at which commodity prices are rising. The relationship of living with commodity prices is extremely intense. How a family manages their daily lives depends on their income, needs and commodity prices. When the price of every commodity needed is at a tolerable level and within the purchasing power of the common man, their lives are cut short in comfort. On the other hand, when the prices of daily necessities become incompatible with the financial means of the common man, unrest begins in poor and extremely poor families. Therefore, due to the rise in commodity prices, on the one hand, the black shadow of misery descends on public life. On the other hand, the chaotic situation prevails in the country due to profiteers and black marketers.
Due to the increase in commodity prices, no product is now available at a fair price. It is as if a fire of higher value is burning in every product. But this was not the case even a decade or two ago. People live their lives to the best of their ability. During the reign of Shaista Khan, the story of eight maunds of rice for money is like a fairy tale of the time. Even during the British rule, the country’s commodity prices were under control. After the partition of the country in 1947, the situation in the country changed drastically, but the price of goods was within the reach of the common man. There is a relationship between social security and food security. Some even get involved in criminal activities out of the urge to survive.
In order to curb rising commodity prices, first of all, political stability and accountability must be ensured. If we can stop illegal smuggling and stockpiling, the price of the product will not increase. In an agrarian society of Bangladesh, it is necessary to increase agricultural production and ensure fair prices for the products produced. In this case, in order to get the best crop from the agricultural land, it is necessary to combine cultivation in a scientific way, improved seeds, abundant fertilizer and irrigation system. If the production of agricultural products increases, the prices will remain stable. The government must have strict control over the market. Strict punishment should be ensured against the profiteers. Production needs to be maintained through modernization and commencement of production of closed mills in the country. The rampant corruption in the country must end. The biggest thing is that all the people of the country should be motivated by patriotism and give up their own interests and devote themselves to the welfare of the country.
Low-income people are the ones who suffer the most as a result of rising commodity prices. Therefore, in order to protect their interests, it is necessary to ensure the supply of daily necessities. The government must have full control over the market. The people of the country must also strive so that the unscrupulous trader does not increase the price of the goods at will. Remember, the main obstacle in the way of development of profiteering society. So in order to keep the wheel of the economy moving, we have to control the rise in commodity prices. We hope that immediate action will be taken against all visible and invisible syndicates. The right and security of ordinary and low income consumers to live well will be ensured.
Md. Zillur Rahaman is a Banker and Freelance Columnist.
