Price hikes before Ramadan!

It is a trend that appears to be predictable but devoid of all logic – the spiraling of prices of essentials just before Ramadan. And like any other year, the government bodies give a declaration that there will be no price hikes before or during this holy month. Obviously those who are responsible for such irrational increases in basic food stuff such as edible oil, sugar, onions, garlic and lentils, do not give two hoots to either the natural forces of demand and supply nor the directives of the government.

Despite the usual gloomy predictions of ordinary citizens, there had been a glimmer of hope at the report from the commerce ministry, that conducted a market analysis in mid May, finding that the supply of these items was more than enough to meet the expected demand. Besides this the commerce minister had held a meeting with the concerned stakeholders including the wholesalers, retailers and the Bangladesh Chamber of Commerce and Industry. The minister directed the wholesalers and retailers to keep prices stable.

But the message has fallen on deaf ears and prices have shot up dramatically making consumers anxious all over again. The Consumers Association of Bangladesh (CAB) has stated that there is no rationale behind these price hikes except the greed of dishonest businessmen who do this through syndication. CAB has also attributed this trend to weak price monitoring of the State and lack of penalising those involved in this unscrupulous business.

We urge the government to follow up on its directives with necessary action. If the importers and producers are at fault they must be held accountable. If it is the wholesalers and retailers who are colluding to spike up the prices, they too have to be penalised. Whatever the factors are, the government must get to the bottom of it and stop this illogical, artificial, hike in prices.