Sunday, 25 September, 2022
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Optimism over PM’s assurance

Optimism over PM’s assurance

Newspaper headlines on inflation have been terrible. Prices of a broad range of daily necessities have been rising swiftly. Lately, the situation has gotten much worse. Presently, prices of consumer goods have risen more rapidly than any time before. Dishonest traders are increasing prices of essentials under various pretexts, causing untold sufferings to general consumers. In our country, once price of a product goes up, it never comes down. A chaotic situation prevails in the country due to market manipulation of profiteers and black marketeers. Meanwhile, Russia’s war in Ukraine has complicated matters considerably. The war has increased the prices of energy, food and a range of other commodities contributing to supply shortages. 

Abrupt rise in fuel prices in the country has added a new dimension and rising transport and production cost has created further scopes for skyrocketing prices of essentials, multiplying people’s woes. However, despite the gloom, we love to think that better time will arrive eventually. Although this optimistic thought goes against the popular opinion, people will have to hang on until better moments arrive. It may be the time for cautious optimism as the government is considering lowering fuel prices to ease the sufferings of the people. On Tuesday, Prime Minister Sheikh Hasina expressed her hope for cutting down the oil price with the fall in fuel prices in the global market. While addressing a meeting of the ECNEC, she also hinted at taking measures to stabilise commodity prices.

She has admitted that the lower, lower middle, middle and fixed-income groups of people are suffering the most from the price hike of essentials. We may take it as a hopeful sign that inflation would slow down soon much to the relief of suffering consumers. It is the duty and responsibility of the government to take effective measures to bring back market stability. There should be no compromise but to establish state authorities’ full control over the market. We need action, more than public avowal. We urge the authorities concerned to match their commitment with concrete action.