Inflation in essential commodity prices is increasing day by day and the current rate of inflation is 11.38 percent in our country, although the price of commodities has remained stable or slightly increased in international markets as we see the last monthly inflation ranged between 1 percent and 1.65 percent, with the average at 1.31 percent. Despite the finger being often pointed out at the market syndicate as the main cause, there are several other functional reasons behind it. A few days ago, one of the reasons for the increase in onion prices was the stockpiling of the product. No doubt we are experiencing the rise in commodity prices and its adverse effect on our lives. In a developing country like ours, the consequences are even more terrible. The lower class and the middle-class people, especially the farmers, workers and the day laborers, are the worst sufferers. Owing to the inadequate supply of daily necessities people with a very little amount of nutrient value food in-take, are being affected by various types of complex diseases including physical illness and malnutrition. As a result, it has an overall impact on the national productivity and the image of our country.
If we look at neighbouring countries, the Indian government has reduced oil duty, increased gas subsidies, and tried to control prices by increasing supply. America and some other countries are subsidising the commodities’ prices by strictly adhering to a strong demand supply chain. The governments of many countries take various initiatives to ensure that the prices of goods in their country do not go beyond the purchasing power of the common people. But, in our country the case is different, nobody cares about the people’s sufferings. We have the Consumer Rights Act, but the proper implementation of this act is beyond reality.
To mitigate the people’s sufferings, the government is also planning a new pay structure which needs to adapt to the times. Initially it was decided to implement the new pay scale from next year, but a few months later, they pulled back from their decision and kept it pending and hoped that the next elected government will make a decision on the new pay structure.
However, over the new pay-scale, the decision has received mixed reactions from economists and the common people. Experts believe that this may further increase commodity prices and ultimately put 40 million ordinary families under financial pressure. After formation of the pay-commission, we observe the prices of daily commodities have increased manifolds.
The latest market data shows trend across essential commodities between May to November this year, with notable spikes in several staple items. The price of coarse rice has risen from Tk 55 to Tk 60, while white flour increased from Tk 45 to Tk 50, reflecting continued pressure on household staples. Soybean oil prices climbed from Tk 168 to Tk 180, adding to consumer expenses. The most dramatic surge was seen in local onions, which doubled from Tk 60 to Tk 120, indicating significant volatility in the supply chain. In contrast, prices of dried chili experienced a slight decrease from Tk 330 to Tk 320, and broiler chicken became more affordable, dropping from Tk 200 to Tk 180. Overall, the market shows upward movement in key essentials, with only a few items offering relief to consumers.
So, while determining the pay scale, it is necessary to consider how much inflation may increase in the future and at the same time take strict measures to control the market. Along with increasing the pay scale, the government should keep an eye on the fact that inflation does not increase. It is also necessary to sell daily essential commodities in the open market through TCB and supply goods to the market on an emergency basis from government stocks. Strict punishment should be given to the hoarders and syndicate traders who artificially increase prices. The Ministry of Commerce and other concerned agencies should regularly collect and analyse market prices and take necessary steps. On top of that, the most important thing is to create employment and increase domestic production and ensure sufficient imports of goods.
