Rising costs pose a vicious threat to Bangladesh, making life more difficult for households and dampening hopes for the country's economic recovery. For ordinary people, especially the least fortunate, inflation has become a daily struggle that impacts everything from necessities like food to transportation expenses. Even though the impact is evident, more than mere official policy declarations are needed to address this issue.
The government can provide for relief through targeted subsidies, well-crafted social safety nets, and actions to stabilise important commodity prices. But concentration only on top-down fixes runs the risk of ignoring the vital roles that people, organisations, and communities can play. It is up to us, as consumers, to change the way we spend our money. Setting priorities for necessities, seeking affordable substitutes, and reducing waste are small actions that collectively make a significant difference. Whenever possible, supporting local companies can enhance their resilience and boost the economy. It is essential to be transparent about prices and explore ways to reduce costs without compromising ethical labour standards. Responsible pricing considers not only short-term profits but also consumer trust and long-term sustainability.
The potential of community action is vast. Establishing organisations for bulk purchases, pooling resources and expertise, and implementing programmes to assist those in need are effective ways to foster collective resilience. Together we can empower each other and share the burden.
People have the power to make thoughtful decisions, companies can prioritise ethical behaviour, and communities can support one another. We can successfully navigate the turbulent waters of inflation and create a more sustainable future for all the citizens. Let us unite not only for common concerns but also for actions. We can weather this storm and emerge stronger.
KaziRafzan-E Rubiet (Nibir)
Student
School of business and economics
North South University
Kazi.nibir@northsouth.edu