Inflation: the crude reality

Inflation is defined in many ways. Being common people, we understand inflation as status of the general price level of all goods and services in the market. We always are updated by the news of inflation in our economy. This is undoubtedly good news that people are informed about the price level  every month.
As before, we have been updated again with the news of declining rate of point-to-point inflation to 6.91 in August-end from 7.4 in July-end of 2014. It is true that wages also saw a hike from 10.47 per cent to 10.62 per cent in last two months as stated by the Planning Minister. The calculation may be quite okay but the market reality we face everyday is different.
Now we see the real prices of commodities in the kitchen market. All vegetables cost more or less Tk 50 to Tk 60 per kg. In Chittagong, we now count huge house rent. We should not forget that inflation counts the service sector price level as well. Therefore, if we go to saloon to get our hair cut we see a hike. If we get on a CNG taxi we experience fare hike. If we take the service of domestic help, we have to pay more money than before. If we go to butcher's shop, we spend  more for beef than before. If we go to buy fish, we count more from our pocket. All these figures are revealed by the electronic media that cover the news of the kitchen market.  
Being a student of economics, I am perplexed. But I strongly believe that income of the people has increased. But as consumer, I face price anarchy in the market. I become upset over news of continuous declining rate of inflation. The concerned authority should establish a Price Monitoring Authority which will take the data directly from the market we visit every day for buying essentials before the figure about the rate of inflation is released to the nation.

Siraj Ud-Daulah
Chittagong
siraj.daulah@gmail.com