The cost of overall living expenses soared by 8.44 per cent over the last year. Most people in the country belong to the lower and lower-middle income classes with an average income of only two dollars a day.For them, this increase in living expenses is enough to adversely impact on their livelihood. The country is marching forward and the government is implementing various development projects for the welfare of the people but many are not getting the benefits in terms of improvement in their lifestyles.
According to a daily sun report published yesterday, the prices of the main staple crop and many other essentials commodities marked a significant rise in the last year. According to an estimate, almost all commodities that are consumed by most of the people on a daily basis marked a rise in prices by between 5 and 58 per cent in a year. Though the per capita income has increased and the economy witnessed a spectacular growth, the high living expense has overshadowed the economic growth.
Also, prices of services, including transportation, gas, electricity and healthcare costs, have increased remarkably which left a negative impact on the living expenses. Practically, the rise in income of many is nullified by the soaring prices of essentials. In case of non-increment of income, many have witnessed a significant fall in lifestyles and the sufferings of about 20 million ultra-poor have increased manifold.
Unfortunately, the market economy is not working properly to determine price levels; rather, there are extortion, syndication and corruption to exploit the supply chain as well as the price level. And the serious lack of competitive environment and proper market monitoring and control mechanisms are worsening the situation. We have the Consumers’ Association and scores of laws to protect the rights of consumers but to no avail. So, living expenses are rocketing high freely.
In a nutshell, the lack of control on prices of commodities is pushing the living expenses significantly up. The authorities concerned should take pro-people initiatives for ensuring the sustained and standard lifestyle of people through engaging an effective regulatory body for proper market monitoring and control.