People are facing severe hardships as the prices of essential commodities like potatoes, edible oil, sugar and onions continue to rise, placing an enormous strain on the country's most vulnerable populations.
For low-income families, already struggling to make ends meet, these escalating costs are making daily survival increasingly difficult. Despite various government efforts, inflation remains stubbornly high, making it clear that the solutions so far have not been enough to ease the pain for ordinary citizens.
According to a recent report from the Integrated Food Security Phase Classification (IPC), around 23.3 million people, or 26 percent of the population, are suffering from acute food insecurity. The causes behind this crisis are both internal and external.
Locally, floods have damaged crops, disrupting supply chains and pushing prices higher. On the global front, rising commodity prices and reduced imports have exacerbated the situation. In addition, market syndicates that manipulate prices for profit have further driven up the cost of daily necessities.
Although the Bangladesh Bank has raised the policy interest rate 11 times since May 2022, including a recent increase to 10 percent in October, the effect on inflation has been minimal.
Food inflation in October stood at 12.66 percent, while overall inflation reached 10.87 percent. The government has also reduced import duties on essential goods like sugar, edible oil, and onions in an attempt to alleviate the burden. However, these efforts have had limited success, as global market prices continue to rise, especially for edible oils and wheat.
The impact on everyday life is clear: many people are cutting back on basic food items. Grocers report a decrease in sales of essential goods, with customers buying fewer quantities-those who once bought three dozen eggs are now purchasing only one or two dozens. This is a worrying trend, as it indicates that families are unable to afford adequate nutrition, further impacting their health and well-being.
In response, the government has launched temporary measures such as selling subsidized food products through open market sales in cities like Dhaka and Chattogram. While these initiatives offer short-term relief, they do not address the underlying causes of inflation. Experts argue that the lack of efficient market management, limited data on supply and demand, and price manipulation are all contributing to the persistent rise in prices.
To effectively tackle this crisis, the government must focus on long-term solutions: strengthening market regulation, improving transparency, and cracking down on price manipulation. Short-term measures can provide temporary relief, but only systemic reforms will bring lasting change.
The people of Bangladesh cannot wait much longer for relief. It is crucial that the government takes decisive action to address both the immediate and long-term causes of inflation and restore economic stability for all citizens.
