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The rate of inflation has increased to nearly 8.0 per cent even by official count in the present year. Independent estimates of inflation are considerably higher. Consumers of the more numerous humble category with limited purchasing power in the country have been feeling the pressure of substantially increased prices of essential commodities.
The free market philosophy is ascendant in Bangladesh. But free markets are found not devoid of regulatory attempts on the part of governments elsewhere, specially when the same relate to goods regularly consumed by common people with modest purchasing power.
Import duties and other taxes for essential goods have been reduced recently as deliberate measures to push down their prices. But the measures notwithstanding, the prices of these essentials have not decreased to the extent as would be considered reasonable. This market behaviour on the part of traders clearly point to their illegal and unethical profiteering instincts.
Market economy principles may not encourage outright policing actions against wholesellers and retailers but the laws of the land allow for steps to be taken against hoarding and profiteering. However, so far, no application of these laws have been noted although their skilful application would not be unjustified under the present conditions. Nothing in the free market philosophy says that the government should not use the ways and means available to it to prevent deliberate distortions of the market or market failures that cause widespread suffering to consumers.
There is a pressing need for the relevant ministries to urgently engage in talks with the traders to demand an explanation from them for the higher prices and get their commitment to lower the prices or how to lower them.
Nurul Huda
Srestha View
Naya Paltan, Dhaka
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