As Bangladesh enters the sacred month of Ramadan, the struggle to afford essential items persists among its populace.
Traditionally, prices of essentials tend to escalate midway through Ramadan, but this year’s scenario paints a grimmer picture. Prices have been steadily climbing since the month began, showing no signs of relenting.
In Bangladesh, as in many nations, there’s a fierce competition among traders to drive up prices through hoarding practices. Rubel Mia, a vegetable vendor in Dhaka, highlighted the surge in prices of cucumbers, tomatoes, brinjals, and limes, with costs doubling or even tripling compared to pre-Ramadan levels.
Of particular concern this year has been the price of dates, which remained high despite efforts to reduce import duties. Traders argue that duty reductions haven’t translated to lower prices due to the calculations being based on inflated market rates.
The Ministry of Commerce has attempted to set price guidelines, but finding commodities at those rates has proved challenging for consumers.
A historical price comparison provided by the Consumers Association of Bangladesh (CAB) reveals alarming trends. Over the last 15 years, prices of staple goods have soared by nearly 100%, with beef witnessing a staggering 350% increase.
Traders’ dominance over the market has thwarted government interventions, despite recent tariff reductions on select imported goods.
Government officials acknowledge the market’s volatility but assert adequate supply levels for essential commodities. However, the mismatch between demand and supply during Ramadan exacerbates price surges.
Economists emphasize the need for robust market monitoring and the reduction of middlemen influence. Prof Dr Mustafizur Rahman underscores systemic issues contributing to market pressures, calling for improved governance across supply chains.
While numerous government bodies oversee market dynamics, their fragmented efforts often fall short of addressing the root causes of price hikes.
As Bangladesh observes Ramadan, these challenges underscore the urgency for holistic reforms to alleviate the burden on its citizens during this sacred month.
