Stabilising the cost of living

FE Team | Published: April 18, 2026 20:32:46

The persistent rise in the cost of living has quietly become one of the most pressing economic concerns for ordinary citizens. While macroeconomic indicators may suggest resilience, the day-to-day reality for many households tells a different story, one of careful budgeting, reduced consumption and growing uncertainty about the future.
Recently, the prices of essential commodities, including rice, edible oil, vegetables and transport, have risen noticeably. For middle- and lower-income families, these are not mere statistics but tangible pressures that affect nutrition, education and overall quality of life. Even small fluctuations in prices can significantly disrupt household stability, especially for those with fixed or irregular incomes.
From a business perspective, this situation also creates a challenging environment. Small and medium-sized enterprises (SMEs), which form the backbone of our economy, are grappling with rising operational expenses. Increased prices of raw materials, higher utility bills, and fluctuating exchange rates have made it difficult for many businesses to maintain profitability without passing the burden onto consumers. This creates a cycle where both businesses and consumers find themselves under strain.
What is needed now is a balanced and pragmatic approach. First, strengthening market monitoring mechanisms can help curb artificial price hikes and ensure fair competition. Second, making the supply chain more efficient, especially when it comes to moving and storing perishable goods, can help cut down on costs that aren't needed. Third, targeted support for SMEs, such as easier access to credit and tax relief can help sustain business activity without escalating consumer prices.
Equally important is fostering transparency in pricing and encouraging responsible business practices. When businesses prioritise long-term customer trust over short-term gains, it contributes to a more stable economic environment. Consumers, too, must be encouraged to make informed choices and support ethical enterprises.
We should measure economic growth not just by numbers on paper, but also by the well-being of the people it serves. Addressing the rising cost of living requires coordinated efforts from policymakers, businesses and consumers alike. Only then can we ensure that progress is both inclusive and sustainable.
H M Parviaz Apollo
Student
North South University
parviaz.apollo@northsouth.edu