The price hike is baffling

We are dismayed to see a continuous increase of prices of onions, gram, lentils and other essential food items. It is not new for the consumers of Bangladesh to suffer during the month of Ramadan, or any major festival, when a syndicate of hoarders and retailers push up prices of certain fast moving food items for no reason at all. What is really new, however, is that the unholy trend has started almost a month before the holy month of fasting commences. 

Any excuse of shortage in supply or stock flies in the face of available data confirmed by the relevant government authorities. The commerce minister has also assured that the current stocks of sugar, lentil, onion, soybean and other essential items would be sufficient to meet the increased demand during Ramadan. Therefore, any arbitrary price hike is totally unjustified, and only for excessive profiteering.

We urge the government to intensify monitoring of the markets by employing special teams led by magistrates, and take stern action against the unscrupulous hoarders and retailers. We also fail to understand why the TCB (Trading Corporation Bangladesh) is operating virtually as a toothless body. The government should strengthen TCB to its full capacity so that it can effectively curb price manipulation through timely intervention. We hope the government's repeated assurances of maintaining stability of food prices during Ramadan would be immediately translated into action.