Extortion a major cause for higher commodity prices

Extortion by a section of people is one of the major reasons for which commodity prices are not coming down in the local markets, Bangladesh Chamber of Industries (BCI) President Anwar-ul Alam Chowdhury said.

The prices of essential commodities may come down to a great extent if extortion can be stopped at the time of transporting goods, he said.

He made the comments at a meeting with Home Minister Asaduzzaman Khan at the latter's office in Dhaka on Sunday.

Chowdhury also sought cooperation from the home ministry for bringing an end to extortion in different places while goods are transported.

If the inflation comes down to a tolerable level, the central bank will not have to adopt the contractionary monetary policy, the BCI quoted Chowdhury as saying in a statement.