Painful pinches from rising costs of living
Sunday, 29 July 2007
Shamim Ahmed
PRICES are no matter to consumers of luxury products. Rich consumers are prone to buying costly products at prices far above their real value as they think that ownership of such products lend to them status or elegance and distinguish them from the common man. In such high end markets, rising price lines are no matter. The rich are likely to have their egos satisfied from buying high grade products at prices which common people would find unthinkable or unacceptable.
But any price rise, and that too arbitrary in manner, must come as a serious concern to low end segments of the markets and Bangladesh is a country with some half of its people with an existence below the poverty line or near to it. Nonetheless, this vast number of the low endears in the market or some 75 million people form a vast body of consumers of essential goods or services which are necessary for bare minimum of physical survival. When the prices of these basic essential goods or services start moving up not in a creeping manner but fast upwards, the same understandably comes as a blow to them in view of their modest purchasing power.
Fiscal year 2006-7 came to an end with news of improved macro- economic management in different spheres. It is impossible to refute them as just official publicities designed to make a favourable impression. Improvements were really noted ranging from higher forex reserve to higher or record export earnings and remittance receipts. But notwithstanding these successes, the common man was bypassed by these developments as he continued to be in remorse from the relentless pressure on his meagre income in the form of rising prices of goods and charges for services. The upswings of prices and charges continue and until the same are stabilised or decreased, government can have no respite from criticisms that it is indifferent to a very important basic need of common people.
PRICES are no matter to consumers of luxury products. Rich consumers are prone to buying costly products at prices far above their real value as they think that ownership of such products lend to them status or elegance and distinguish them from the common man. In such high end markets, rising price lines are no matter. The rich are likely to have their egos satisfied from buying high grade products at prices which common people would find unthinkable or unacceptable.
But any price rise, and that too arbitrary in manner, must come as a serious concern to low end segments of the markets and Bangladesh is a country with some half of its people with an existence below the poverty line or near to it. Nonetheless, this vast number of the low endears in the market or some 75 million people form a vast body of consumers of essential goods or services which are necessary for bare minimum of physical survival. When the prices of these basic essential goods or services start moving up not in a creeping manner but fast upwards, the same understandably comes as a blow to them in view of their modest purchasing power.
Fiscal year 2006-7 came to an end with news of improved macro- economic management in different spheres. It is impossible to refute them as just official publicities designed to make a favourable impression. Improvements were really noted ranging from higher forex reserve to higher or record export earnings and remittance receipts. But notwithstanding these successes, the common man was bypassed by these developments as he continued to be in remorse from the relentless pressure on his meagre income in the form of rising prices of goods and charges for services. The upswings of prices and charges continue and until the same are stabilised or decreased, government can have no respite from criticisms that it is indifferent to a very important basic need of common people.