Avoid excessive buying during Ramadan

During Ramadan, increasing commodity prices have become a common practice in Bangladesh, and we often lay blame solely on businessmen for these price hikes. However, have we ever attempted to understand the root cause behind this sudden surge in prices? No, we haven't made such an effort.
In my opinion, we share responsibility for this issue. To substantiate this claim, we can turn to basic economic principles such as the interplay between supply, demand and price. Prior to and during Ramadan, we tend to stock up on essential items like dates, chickpeas, onions, and cooking oil in large quantities. This surge in demand for these commodities outstrips the available supply, leading to shortages in the market. Despite this, we continue to purchase beyond our immediate needs, exacerbating the situation. Consequently, businesses exploit this heightened demand to raise prices. According to economic theory, when demand for a commodity rises while its supply diminishes, its price naturally increases.
While I acknowledge that businessmen play a role in these price hikes during Ramadan, we cannot absolve ourselves of responsibility. We inadvertently provide them with the opportunity to capitalise on our behaviour. By generating artificial demand, we enable businesses to exploit the resultant supply shortages. Unless we change our purchasing habits and refrain from buying more than necessary, this cycle will persist. We must purchase according to our needs, exercising restraint during Ramadan, a month symbolising patience and sacrifice. It is crucial to recognise that our excesses directly impact other families, affecting their livelihoods through increased buying, consumption, or wastage.

Shefat Bin Hossain
Student
North South University