Dhaka,  Wednesday
29 May 2024

Calls for tighter control on Eid merchandise costs

Editor, The Daily Messenger

Published: 08:16, 2 April 2024

Calls for tighter control on Eid merchandise costs

Photo : Collected

The prices of nearly all daily essentials in the market are soaring, exacerbating the financial strain on consumers already grappling with sustained inflation. Regrettably, as individuals are suffocating under the weight of these economic pressures, business syndicates are further exacerbating their suffering by exploiting the upcoming Eid festivities to maximise profits.

News reported in various media reveal that after fifteen days of fasting, the syndicate has intensified its control over Eid-related products. Essential items such as Polao rice, ghee, and moong dal are already witnessing inflated prices in the retail market due to manipulative price hikes.

Furthermore, the prices of milk, sugar, vermicelli, and raisins have also surged, compounding the financial burden on consumers. Additionally, the cost of spices has been raised. Consequently, consumers are navigating the Eid preparations with familiar frustration. Traditionally, after a month of fasting, people from all walks of life eagerly anticipate Eid celebrations. New clothes are donned, and households strive to prepare sumptuous feasts. However, this year, a section of unscrupulous businessmen is shamelessly exploiting the heightened demand in the market, relentlessly increasing prices to line their pockets. This cycle of price gouging repeats itself annually, leaving consumers grappling with inflated costs during what should be a joyous occasion.

For several years now, it has been a recurring observation that as Eid approaches, a segment of unscrupulous businessmen arbitrarily raise the prices of various products. This practice has sadly become a tradition, perpetuated by a lack of regulations governing the production, supply, wholesale, and retail sale of commodities. In reality, there is no shortage of food products in the capital's retail market; in fact, there tends to be ample stock of all types of products compared to the actual demand. Wholesale markets also report adequate supply levels. Hence, it becomes evident that the crisis is artificial in nature, manufactured solely to exploit the festive season and maximise profits at the expense of the consumers' wallets.

It is evident that the prices of daily commodities, inflated prior to Eid, seldom revert to their original levels afterward. Therefore, it is imperative to implement stringent monitoring mechanisms to prevent the market from falling prey to this vicious syndicate. The practice of hiking prices during the fasting month preceding Eid is not only unjustifiable but also unethical.

One cannot help but question how long these unethical traders will continue to exploit consumers in such a manner. It is imperative for the regulatory body to address the issue of exorbitant prices of Eid products. We urge the government to take immediate and effective measures to establish reasonable pricing for Eid commodities, thereby safeguarding consumers from undue financial strain.