Price spiral now starts before Ramadan: CAB
In a recent phenomenon, the prices of essentials have started to spiral a month or two ahead of Ramadan instead of during the Muslim holy month as street-smart traders look to circumvent the mobile courts, said the Consumers Association of Bangladesh (CAB) yesterday.
Normally, the government runs mobile courts during Ramadan to catch those involved in creating artificial scarcity of products to raise their prices, said Ghulam Rahman, president of the CAB.
“Those wily businessmen have changed their strategy now,” he said at a press conference held at Dhaka Reporters’ Unity.
The prices of meat have already increased by Tk 50 per kg, sugar Tk 8 per kg, onion Tk 15 per kg, garlic Tk 10 per kg and vegetables Tk 50 to 80 per kg. Fish prices have also edged up.
The data is based on market analysis of several kitchen markets in the capital, CAB said.
Rahman, also a former chairman of Anti-Corruption Commission, recommended running mobile courts all round the year so that no one dares to raise prices artificially.
Businessmen allege of extortion in the transport sector during the month of Ramadan, which contributes to the price hike, said Mubasshar Hussain, convener of the national complain resolution committee of CAB.
“The government should take serious action against this.”
Furthermore, businessmen set out to make big profits during Ramadan, whereas in other countries several offers are extended ahead of festivals.
Rahman, also a former chairman of Bangladesh Energy Regulatory Commission, urged the businessmen not to go for abnormal profits.
At the same time, he advised consumers not to buy products in bulk at the first of Ramadan, thinking the prices may go up.
However, sometimes, consumers’ higher demand at the beginning of Ramadan fuels prices, he said.
Rahman also advised forming a ‘consumer co-operative’ within neighbourhoods, so that they would buy products from the wholesale market and distribute.
“All the products’ prices are 25 to 40 percent lower in the wholesale market, so it might be helpful for consumers,” he added.
Hussain urged consumers to submit complaints to the CAB, which may alleviate consumers’ problems.
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