Consumers suffer as cost of living rises
Consumers suffer as cost of living rises
Costs rose 6.82pc in 2014, compared to an 11pc increase in the previous year
The cost of living rose 6.82 percent in 2014 from the previous year, mainly due to a hike in house rent, utility bills and prices of some essential food items, a consumer rights campaigner said yesterday.
The Consumers Association of Bangladesh prepared a report taking into account the costs of 114 food items, 22 essential commodities and 14 utility services.
The prices of food and services rose 6.31 percent in 2014, the CAB found.
However, the rise in cost of living is 4.18 percentage points lower than that in 2013.
On average, house rent in the capital rose 9.76 percent in 2014.
However, slum-dwellers were the worst sufferers as they saw their house rent rise 16.67 percent. People living in flats faced an average hike of 12.82 percent.
"Homeowners often disregard rules and raise house rents when they want, putting the low- and middle-income people in trouble,” the CAB said in a statement, urging the government to revise the house rent law of 1991.
It also called upon the government to arrange low-cost funds for the low- and middle-income people so that they can buy apartments.
On average, the prices of electricity and rice increased 5.97 percent and 7.45 percent respectively in 2014, compared to the previous year. The price of water supplied by Wasa rose 5.04 percent. Prices of milk powder saw a hike of 10.18 percent in 2014.
However, the CAB said the prices of edible oil, salt, pulse, spice, egg, fruits, flour and tea came down, by 2 percent to 13 percent, in 2014.
Some essential items that saw an increase in their prices include various kinds of fish, vegetables, chicken, powdered and liquid milk and soap.
The consumer rights group demanded effective enforcement of the competition law to prevent dishonest traders from forming cartels or syndicates.
The CAB also called for making the Trading Corporation of Bangladesh more effective to ensure a smooth supply of essential commodities in the market.
The CAB said traders often increase the prices of commodities as soon as the prices go up in the international market. But they hardly adjust the prices when international prices come down.
The platform also urged the government to take necessary steps so that the pay hike for public servants does not fuel inflation.