Can kitchen market be stabilised?

FE Team | Published: February 24, 2024 19:34:46

The question that has been hovering most in people's minds is this one: when will government do something about runaway food inflation? Can the government do anything about it? Why are the so-called "syndicates beyond government control? These are some of the questions floating around amongst people who have to go to the retail markets for vegetables and protein (poultry, red meat and fish) and watch in silent rage as less and less things can be bought every time one goes to shop. The pain has dulled with time, but it is omnipresent. Most consumers expect absolutely nothing from the authorities and public representatives who had been promising change that never came. Even the honourable prime minister has stated that there is no shortage of basic items in the country. Then why, if there is no shortage, do retail prices for the most common essentials jump upwards, throughout the weeks, months and, maybe, even years?
In the run up to the holy month of Ramadan, traders in other countries slash prices in an effort to help those who are less fortunate than them, the poorer members of the faith, may also enjoy a month of fasting. This happens everywhere else, even in India, which is not a Muslim-majority country. It is a question of piety and adherence to a belief system - something that has long been lost apparently, by the Muslims in this country particularly, by traders.
Given this setting, one wonders if authorities have their eyes focus on right issues when against all expectations, the price of sugar has been raised by Tk20/kg (kilogram) by the state-run Bangladesh Sugar and Food Industries Corporation (BSFIC). The rationale given for this increase in price is that since state-run mills only control 1.0 per cent of the total market, this will not affect overal pricing. The markets that are controlled by traders have just been given a free "Eid bonus", by silently acquiescing in raising the price at least to Tk160/kg, if not more.
The hope was that, with this new cabinet in charge, this time round, the government would do something for the poor consumers. Sadly, that expectation is yet to be met. It is simply amazing what is happening in this land. The national board of revenue (NBR) has reduced import duty by Tk0.75/kg (which means less revenue for the national exchequer). So, on the one hand, the government will earn less revenue as it has cut duty, while importers, wholesalers and retailers will reap the bounties of such lax measures taken by authorities, on the other.
Fact of the matter is that these traders and others up the chain have gotten so fat and so used to skinning the average consumer on a regular basis, one would think they rather enjoy it. This no-holds- barred laissez-faire has been allowed to grow and blossom to a stage where, it appears, it is these business interest groups who dictate policy, not the government. Policymakers are sadly mistaken to think that their word is the law. That is not entirely correct. Going by what has been published in the media, nearly 94 per cent of the current crop of peoples' representatives in parliament are business people. Things were never like this in any previous administration. Consumers are going to be fleeced (again) this Ramadan unless some good sense prevails at the top of the decisionmaking chain.