The holy month of Ramadan is less than two weeks away, and this is a good time to prioritize what has been worrying Bangladeshis for some time now: The price of essentials.
It goes without saying that during the month, ensuring stable prices of essentials is of utmost importance. Given that for reasons beyond our control, the nation is already grappling with high inflation, any further increase in prices would impose even more hardships on the public.
It is imperative therefore that measures are taken to prevent hoarding and artificially gouging prices to maintain stability in the market, an issue that we have unfortunately failed to address time and time again.
Hoarding of essential commodities, such as rice, lentils, sugar, and oil, is despairingly a common practice leading up to Ramadan, driven by the anticipation of increased demand during the month. This hoarding artificially creates scarcity in the market, leading to a surge in prices and burdening consumers, especially those with limited incomes.
While strict monitoring and enforcement mechanisms are the bare minimum that must be put in place, we need a long term strategy to tackle what has become an incessant issue. Yet, authorities should closely monitor the market to ensure that traders are not hoarding goods and are selling them at fair prices and penalties for hoarding and price gouging should be strictly enforced to deter such activities.
However, these are stop gap solutions and ultimately, efforts should be made to increase the supply of essential commodities in the market. More is needed from the authorities concerned to be pro-active with decision making that results in the market experiencing fewer shocks, while also actively prioritizing timely imports and distribution of goods to prevent shortages.
Ramadan is a month for reflection and meditation. The authorities concerned must do their part to ensure that it does not become a month for suffering.