In the global market, the prices of goods have recently experienced a decline, yet in Bangladesh, far from decreasing, they have reached record highs. According to the United Nations Food and Agriculture Organization (FAO), food inflation hit its lowest level worldwide in August.
The trend of rising food prices, which commenced in March of last year, remains unabated. Escalating commodity prices have had an adverse impact on the lives of citizens, particularly in developing countries like ours. The lower and middle classes are bearing the brunt of this phenomenon. Farmers, labourers and daily wage earners are particularly vulnerable. Due to the scarcity of basic necessities, people are facing starvation, malnutrition and various complex diseases. Consequently, this situation has a profound effect on the national reputation of a country.
Governments worldwide are implementing various measures to ensure that the prices of goods within their jurisdictions remain within the purchasing power of the general public. In our country, the enforcement of consumer rights laws and other regulations is imperative. Dishonest and excessively profit-seeking businesses should be rigorously regulated, market monitoring should be intensified, mobile courts should carry out regular inspections, and price lists for essential commodities should be prominently displayed in marketplaces. Above all, it is essential for the government to provide subsidies against increased prices to effectively control commodity prices.
Ashikujaman Syed,
Research Assistant,
Bioinformatics Research Lab,
Center for Research Innovation and Development (CRID).
syedashikujaman@yahoo.com