The holy month of Ramadan will begin in less than two weeks. It is a time when people are expected not only to deepen their spiritual devotion but also to refrain from practices that are morally indefensible and harmful to others. Yet, year after year, Ramadan is marked by a familiar and troubling trend: a section of unscrupulous traders raises the prices of essential commodities to a prohibitive level, increasing the hardship of low-income and fixed-income groups.
Demand for essential food items such as chickpeas, lentils, edible oil and sugar rises sharply during this period. To prevent shortages, the government relaxes import regulations on essential food items before Ramadan. Despite these measures, prices almost invariably climb. There are persistent allegations that some traders deliberately create artificial shortages to exploit heightened demand. Even the prices of seasonal fruits which are particularly in high demand during Ramadan also go through the roof. .
This year is no exception. Prices of grocery items have already increased at the wholesale level, raising fears that the impact would soon be felt in retail markets. This is happening despite recent assurances from the Commerce Adviser that prices would remain comparatively low this year. He claimed that imports of essential goods have increased by 40 per cent this year compared to last year. But belying his hope, prices have begun to rise even before Ramadan has started.
If import and stock of essentials are adequate, why then the prices increased?
The government agencies concerned, including the city corporations, the Consumers Association of Bangladesh (CAB), must sit with the traders' associations-wholesalers and retailers-and come up with a proper plan to keep the market stable during Ramadan. In addition, the government's market monitoring schemes should be strengthened and legal steps should be taken against the dishonest businessmen to ensure that the prices of essential commodities remain within the reach of ordinary people.
The challenge is further complicated by the current political situation. Election-related activities are underway across the country, and Ramadan will follow almost immediately after the polls. The new government is expected to assume office before the holy month begins. It will have to hit the ground running to keep the market stable.
The current administration is focused on maintaining law and order to ensure a credible election. In the process, if the market becomes volatile, the burden will inevitably fall on the next government. Worse still, it will have little time and preparation to respond. Past experience shows that once prices of consumer goods rise, they can be rarely brought down in a short span of time.
Therefore, alongside ensuring a fair and peaceful election, the interim government must treat market stability ahead of Ramadan as a priority. Advance preparation, clear coordination among relevant ministries and agencies, and strict enforcement are urgent to combat market manipulation and syndication.
That said, people in lower-income brackets have already been hit hard by persistently high inflation for nearly three years. The poorer sections of society cannot bear any further pressure caused by erratic market behaviour. Have the political parties given any serious thought to the suffering of ordinary people due to price hikes? There is fierce competition among major parties to present their election manifestos as more visionary than those of their rivals. But what plans do they have to improve market management and ease the suffering of the common people?
