Surge in Prices & Syndicates Raises Concerns in Market Stability
After the new government came to power, the prices of various products including vegetables fell overnight. But that was for a very short time. After a few days the market returned to the previous picture.
Market officials say that the circles of unscrupulous traders in various products including extortion on roads and markets have become active again. Old cycles are entrenched in the market. Prices do not rise or fall based on demand-supply formula or purchase price. The unscrupulous are controlling the price of goods as before. And the consumer has to pay the high fees; The life of common people is becoming miserable day by day.
Retailers say there is no change in the market. Extortion is going on, suppliers are also increasing the prices of products unreasonably. They think that the way the price of eggs has increased due to the effect of floods is unusual.
Bangladesh Poultry Association (BPA), a marginal farmers’ organization, is alleging that they have looted Tk 280 crore in just 20 days by creating instability in the market on the pretext of flood.
Not just the chicken or the egg. The old syndicate is entrenched in various products starting from rice, dal, oil, onion, potato. Gangs of unscrupulous traders are desperate to raise the price of goods at any pretext. And consumers are hostages in the market.
Dr. Zahid Hossain, the former Chief Economist of the World Bank’s Bangladesh Resident Mission, believes that due to the lack of fair competition in the market, some business circles are getting a chance to control product prices. He said to our time, nothing is changing in the market.
Dr. Zahid also said that another reason for the abnormal increase in the price of goods is extortion. We saw that it stopped with the coming of the interim government. Prices of many other products including vegetables have come down. But I could hold it
When we talked to the vegetable traders of several markets in the capital, they also said that after the interim government took over, extortion had completely stopped and the ‘hidden cost’ of the traders had come down. As a result the prices of raw materials also fell overnight. But now extortion has started again, which is adding to the price of the product. As a result, the price is increasing.
Meanwhile, on the pretext of flood, the price of rice like eggs also increased at an excessive rate, which did not come down. Thin rice which was sold at Tk 62 to Tk 64 is now Tk 72 to Tk 74. The price of medium-sized rice, known as middle-class rice, has crossed 60 rupees and coarse rice for the poor has gone up to 55 rupees.
Dr. questioning how effective the task force will be. Zahid Hossain said, it is not possible to say how it will work or exactly what benefits it will bring. Can they (the task force) police, arrest or punish? Apart from that, due to this kind of policing, the product market can also be destroyed. That is, the score can be reversed.
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