By nature, business people will always look for the highest possible profit. But there need to be certain checks and balances to monitor these profit margins. We have to make sure these profits are not holding the consumers hostage or denying them basic consumer rights. The daily necessities need to be strictly monitored to ensure general people do not fall victim to starvation, malnutrition, or food insecurity in general.
We all are aware of the present price hikes of products as it is repeatedly mentioned to us by business entities, the government authority, and regulatory committees. Reasons such as increased fuel prices, the hike in dollar exchange rate, and of course the Ukraine-Russia war. For imported products these are understandable, but the prices of locally grown and produced products have gone through the roof at unjustifiable rates.
The sad part is the income of the general people has not adjusted to these sudden, unreasonable inflated prices. Companies are not paying farmers any more than they used to nor did they even increase the salaries of their employees, based on how they are raising the prices beyond the reach of the general people. As they are not answerable to anyone, they are putting a seemingly new price tag every week without explaining whether their production costs have increased, or if they are milking extra profits under the justifications of the aforementioned global issues.
The situation for low-income people is even more dire, as they have no savings or nest eggs to rely upon. As a result, they are fighting tooth and nail to keep their heads above the water. The increased cost of living is forcing their school-going children to leave their education and seek employment, while also pushing them towards malnutrition and other health hazards. The prevailing situation has paved the way to more and more people to poverty.
Though it is true that global instability is making the local market suffer, there should be some accountability for the sake of common people and stopping greedy profiteers from taking advantage of the situation. Establishing accountability checks and balances are not the government's responsibility only -- though they are the primary duty bearers -- so there needs to be some social accountability as well on the part of people.
As citizens, we should raise our voices and demand justification for these unchecked price hikes of essentials. If the people do not do that then the government will not hold these companies accountable for their blatant wrong-doings. Often these companies lobby the government or bribe politicians for their benefits. These issues create another layer of problems which can be solved with an independent government cell which is free from the influence of others. And such cells will only be established when we the people demand it.
Niaz Islam Arif is a freelance contributor.