Soaring costs of living

One of the findings of the updated Household Income and Expenditure Survey of the officially-run Bangladesh Bureau of Statistics (BBS), show that the cost of living index increased to 82.59 per cent in the last five years until 2010. The BBS found costs of living at 59.8 per cent five years ago which means that the costs of living increased by some 23.31 in the next five-year period. However, no official data are available to show the trend on a continuous basis until now about further rise in costs of living in 2011. This rise, according to segregated data of the BBS, indicates its rate to be quite high so far in 2011. Meanwhile, the earlier BBS survey on Household Income and Expenditure is otherwise considered conservative by non-governmental but respected think-tank bodies; their estimation of the rise in costs of living is greater. The sharp uptrend in costs of living are hitting common people in areas where they are most vulnerable. The rises have particularly been high in areas of regular consumption they cannot do without such as for basic food items, transportation fares, house rent, etc. The other feature of the higher living costs has been its relentless nature. The rise has been going on and on without a pause. This has had crushing effects on common people and their modest incomes which are hardly at par with the pushing-up of prices and charges. Thus, the poor are turning even poorer and the ones just above the poverty line in the past have gone below it in many cases. In this context, the claims of making advancements against poverty are becoming untenable, on a factual and objective basis. The real bitter twist in the situation is that the incumbents in power were able to convince the voters with their tall promises on the eve of the last general election that their main concern would be easing the price situation. But almost three years now in power and about two years left at this stage for completion of their tenure in office under the periodical election circle, they could deliver nothing of their vaunted price normalisation or decreases. There is no denying that price increases have been caused to some extent from higher prices of imported goods. But the rate of price increases could be kept far lower, with the government on its part, doing effective price monitoring, enforcing the rules against profiteering and hoarding, creating some alternative and effective state-run marketing outlets like the Trading Corporation of Bangladesh (TCB), encouraging more efficiency and timeliness in import operations of essentials, etc. Foot-dragging and pathetically allowing instead ruthless fleecing of the consumers, have led to this stage. The government should, at least, do at this stage something effective enough for girding up its loins to endeavour and limit people's suffering on this score in the remaining part of its tenure.