"The government did not pay enough attention to inflation and price hike of essentials in the last five years," he said at a seminar titled 'Price Spiral: Ways to Contain', jointly organised by Bangladesh Rifles (BDR) and Media Initiative for Public Policy (MIPP) at the Press Institute of Bangladesh in the city yesterday.

Meanwhile, BDR, which is now working on price of essentials, clearly said BDR alone will not be able to control the price hike.

Emphasising formulation of consumer protection law, Dr Akbar also suggested increasing supply of food stock and providing free food to the poor people.

He said "Some poor people would be benefited by the initiative of BDR but it will not influence the market as well as the economy".

BDR Director General (DG) Major General Shakil Ahmed presided over the seminar, which was moderated by Farid Hossain, convener of MIPP while Colonel Mujibul Haque of BDR and Dr Mustafizur Rahman of Centre for Policy Dialogue (CPD) delivered the key speeches.

Major General Shakil said "Rice and lentil are the fundamental rights of people and the government should ensure that people get them at fair price,"

"We have submitted a proposal to the government for approval to allocate them land to set up an independent market place on permanent basis", he said.

Blaming lack of strong management in the market system, BDR DG also said safety net programmes like VGF and food for work should continue and be expanded for the marginal people.

In reply to a question, he said "BDR unilaterally will not succeed in controlling price of essentials but it may be able to create a competition in the market which will help keep the price under control".

International Chambers of Commerce President Mahbubur Rahman, former president of BGMEA Anisul Haque, General Secretary of Consumer Association of Bangladesh Borhan Ahmed, Business Editor of the daily Prothom Alo Shawkat Hossain Masum, General Secretary of Bankers Association M Aminuzzaman and Oil Refiners Association President Abdur Rouf Chowdhury also spoke on the occasion.

The speakers said the market should be competitive to control the price of essentials in the long run.

They suggested taking mid-term and long-term measures, including effective market management, establishing more wholesale markets, ensuring strict surveillance in the market, providing free food to the poor people and stopping the extortion from the market.

Dr Mustafiz said a market surveillance department should be formed under the commerce ministry.

Describing the import situation, he said only five importers control 96% sugar, 31% onion and 38% rice, adding that there is a tendency to dominate the market due to lesser number of importers.

Colonel Mujibul said mismanagement in different markets, including Karwan Bazar and insincerity of the concerned authorities to control the market is responsible for price hike of essentials.

"In Karwan Bazar, there are 11 associations and most of them do not have business activities but are super-active in collecting tolls from the market," he said, adding that different political parties and corrupt people are assisting these associations for their vested interest causing price hike in the market.

"A handful of big businessmen are controlling the market, so the government should encourage small traders to come to the market, which will help keep the price under control and ensure quality of products as well," he said.