Despite the state minister for commerce’s assurance that the prices of essentials won’t increase during the holy month of Ramadan, there is no such good news in the market. The prices of essentials at high demand during Ramadan have already shot up before the month starts. The prices of various goods including loose sugar, chickpeas, broiler chicken, brinjal, potato, lemon and other vegetables have increased within a week. Dates are also very expensive. The government slashed the duty and value-added tax (VAT) on the import of four essentials at the beginning of February so that the prices do not go up during Ramadan. But it is clear that there is no positive impact of this move in the market. Does the government have any explanation behind this?
When prices of essentials drop during Ramadan in most countries, Bangladeshi consumers face the opposite situation. The prices of essentials that are in demand during Ramadan go up suddenly. As a result, prices of other essentials also rise. As price hike during Ramadan creates uproar, the prices shot up before the month in the last several years. This year is not any exception.
According to a Prothom Alo report, prices of per kg sugar have increased by Tk 2 at wholesale market and Tk 5 at retail market after a sugar mill in Chattogram caught fire. Though, the businessmen said the fire would not have any big impact on supply. The traders claimed that the prices of pulse products have increased over the past few months due to the high dollar costs in import. However, the prices of chickpeas and lentils have not risen afresh at the wholesale level. The retail sellers are raising the prices ahead of Ramadan.
The question is whether businessmen at any level can increase the prices of essentials in such a way? This shows that traders at any level can manipulate the prices due to lax market monitoring. Does not this expose the abject failure of the government bodies that are entrusted with market monitoring?
Before the holy month of Ramadan, the prices of animal proteins increased. A month before the national elections, beef prices suddenly fell, only to increase again after the election. Such sudden rise or fall of prices is abnormal. As the price of beef had increased since January, the prices of all types of fish and broiler chicken also increased. But how can the price of broiler chicken increase by Tk 20 per kg in the week before the start of the month of Ramadan.
Continuous high inflation in the last two years has created a crisis in the standard of living of people. Middle-class to lower-class people are adjusting in various ways and by cost cutting. Again, the price of electricity has increased once again at the beginning of March. Even though the price of fuel oil is adjusted with the world market, the nominal reduction of prices of diesel and octane means it is more likely to not bring any positive change in people’s lives. Where will people go if the traders increase the prices of essentials on the occasion of Ramadan?
There is no alternative to ensure enough supply of goods to keep stability in the market. Despite the supply of most of the daily commodities being enough in the market, lack of monitoring of the market is the reason for the increase in the prices of essential commodities during Ramadan. Again, due to the lack of competition in the import of import-dependent products, there is an opportunity to increase the price at will. Regular market monitoring and drives should be conducted so that unscrupulous traders do not get any opportunity to increase the prices of daily commodities centering the holy month of Ramadan.