From tea shops to popular newspapers and other media, the issue that has become the focus of discussion these days is the unbridled rise in commodity prices. Traders are putting the common people in trouble by increasing the prices of daily necessities by making syndicates on various pretexts. There is still no relief in the commodity market. If the price of one product goes down the price of another goes up. Consumers are struggling to make ends meet. They call on the new government to bring relief to the market. In such a situation, the interim government is proceeding with three strategies to control inflation.
Even if there is no shortage of consumer goods in the market, people have to buy at high prices. In the last few years, no initiative has worked to control the market. Consumers say that due to the market supervision of the interim government, the prices of many products have suddenly reduced by one to one and a half hundred rupees. But the price of some has increased again. It is expected that this government will gradually stabilize the prices of daily commodities in the market. Give them time.
Extortion has decreased in the market after the change of government. General students are also supervising. This has slightly reduced the price of chicken and vegetables. To reduce inflation, the new government is emphasizing increasing the production of goods, maintaining supply, and controlling syndicates. In this case, the IP of the Department of Agricultural Extension is required. Buyers are already suffering with the price of onions. It is advisable to provide full duty-free import to stabilize the price of the product.
Recently, 11 districts in the eastern part of the country were affected by severe floods. This caused extensive damage to human habitations, cropland, and roads. Roads and railways are closed for a long time on the Dhaka-Chittagong route. As the transportation of goods is obstructed on this important route, it naturally has an adverse effect on the supply system of the entire country. According to a report in Vanik Barta, the price of rice has increased by Rs 3-4 per kg in the market. According to the report, traders are blaming the flood for the increase in the price of rice. As a relief, sales of rice are higher than normal, but supply is relatively low. Millers raise prices as sales increase relative to supply.
Besides, the price of chicken and eggs has increased due to the flood. Thousands of chicken farms in Feni, Noakhali, Comilla, and Lakshmipur were submerged in this flood. Millions of chickens died. According to the Bangladesh Poultry Association (BPA), the average daily egg production in these four districts was about 4 million pieces earlier. Now it has come down to half. Another one and a half to two lakh pieces of egg production have decreased in other flood-affected districts. This has a big impact on the market. The price of chicken has increased by Rs 10 per kg within a week. Egg prices have also started increasing in many places.
According to the Ministry of Agriculture, the production of potatoes in
the country has decreased by about 1.2 million tonnes this year compared
to last year. So, there is a need to import potatoes to meet the
increased demand. As the revenue collection is not likely to decrease,
the import process of these two products should be simplified and made
duty-free considering the situation and need. Traders will be encouraged
to import them. Supply shortages will reduce.
Eggs and chicken meat are the major sources of non-vegetarian needs for common people. The average daily demand for eggs in the country is 4 to 4.5 crore pieces, and the demand for chicken meat is 5,200 tons. At least, egg prices need to be within reach at present to meet the food needs of the flood victims. This requires bridging supply shortages. In this situation, there is no option but to import. But as per existing policy, eggs are a conditionally importable product. In the case of import of eggs, prior permission from the Ministry of Fisheries and Livestock is required. As eggs are not imported without special permission, although a certain amount of revenue is collected from the import of onions at the existing tariff rate, not much revenue is collected from eggs and potatoes. The same rule applies for the import of essential commodity potatoes; prior permission is required.
According to the Ministry of Agriculture, the production of potatoes in the country has decreased by about 1.2 million tonnes this year compared to last year. So, there is a need to import potatoes to meet the increased demand. As the revenue collection is not likely to decrease, the import process of these two products should be simplified and made duty-free considering the situation and need. Traders will be encouraged to import them. Supply shortages will reduce.
The market price of onions has also been unstable for a long time. Six to seven lakh tons of onions are imported every year. One of the sources of imports is the Government of India, which has set a minimum export price of $550 per tonne and is subject to a 40 percent export duty. As per the existing import policy order, the IP of the Department of Agricultural Extension is required for the import of onions. Buyers are already suffering with the price of onions. It is advisable to provide full duty-free import to stabilize the price of the product. And the most essential commodity in the country is rice. Aman has been affected by floods; demand for rice has increased. At the same time, the price has increased. This is by no means desirable.
The country has been experiencing high inflation for more than two consecutive years. Compared to the rate at which the prices of goods have increased, the income of fixed-salaried people has not increased. As a result, the purchasing power of common consumers has decreased. In this situation, it will be difficult to reduce high inflation and income inequality if the prices of daily commodities do not decrease. The government should reduce the prices of daily commodities to control inflation and increase the purchasing power of people. For this, if necessary, the import of daily commodities should be duty-free. To keep prices stable, the government should increase sales in the open market. Above all, it is important to strengthen market surveillance and restore order in market management.
Finance and Planning Advisor Salehuddin Ahmed said that the Ministry of Agriculture should pay attention to the necessary steps to be taken in the production of products. Apart from this, the entire supply chain system to reach the market and the consumer needs to be reformed. The steps to be taken to control commodity prices in the market will be looked into.
Finally, I would like to say to the interim government: Controlling inflation and food security should be the number one priority of the government. The daily products that were being sold at affordable prices in the open market should be maintained. And ensure per capita food security. Food production data has been exaggerated for so long. These should be fixed. And the product supply system should be fixed. First of all, it is necessary to assess the current food stock situation and plan the implementation of the Aman collection campaign. Farmers have to solve various problems. Accurate data on food production should be published, and imports should be arranged in case of shortage. The supply system must be maintained. In this case, it is important to keep the ports running uninterruptedly. Therefore, the interim government should focus on strengthening consumer affairs as a priority. At the same time, the existing law should be reformed.
The writer is Founder and Chairman, Jatiya Rogi Kallyan Society
