National, Front Page

Price hike of essentials hits low-income people

Published : 30 Nov 2019 09:37 PM | Updated : 07 Sep 2020 07:00 PM

While poor and fixed income people are struggling to earn their livelihood because of the sudden increase in price of essential commodities, a section of hoarders and unscrupulous traders are reaping windfall earning.
Since, October prices of most essential commodities especially onion, rice and vegetables continued registering upward trend hitting the people with fixed and low income hard. Apart from daily essentials, demand of certain commodities like, edible oil, onion, meat, fish, pulses, sugar, fruits and winter vegetables are also being sold at high rate at kitchen markets across the country.
On the other hand, following the price hike of essentials, people now have to spend extra money for house rent, transport fare, treatment cost, educational expenditure and other.
People accused the hoarders and dishonest traders of manipulating price while the traders blame the government for lack of market monitoring and surveillance against the whole-sale market manipulators.
However, many of the house owners argued against this.
Meanwhile, the owners of the truck and covered van have not acknowledged the hike in transport fare.
Traders said transport fare has increased in recent times
In this regard, Rustam Ali Khan, general secretary of the Bangladesh Truck Covered van owners Association, said that trade and commerce has increased manifold over the last years. Consequently, import-export of products have also increased but transportation cost has not increased.
Because of the transport crisis, some of the truck workers may took extra fare, but the owners did not raise any fare, the transport leader added.
Though the traders complained that the trucks that used to rent from Chattogram port used to coast 25 thousand taka, which now has reached Tk 32-33 thousand. Similarly, the rental coast of a 12 ton capacity covered van has been increased from Tk 22,000 to Tk 26,000.
Inflation in the food sector has increased to 5.49 percent in October 2019 from 5.80 percent in the same period of previous year. On the other hand, non-food sector inflation has declined to 5.45 percent in October in the current year from 5.90 percent in the same period of the previous year.
According to the Bangladesh Bureau of Statistics (BBS), the general inflation in the country increased by 0.7percent to 5.47 in October this year from the same period of previous year.
In rural areas, the general inflation has increased to 5.36 percent during the time from 4.87 percent in the same period of previous year while in urban areas, it has decreased to 5.67 percent from 6.38 percent during the time.
Economists predict the expenditure of living has increased due to rising prices of foodstuffs, housing, car rentals, and commodities. Limited or fixed income people are trying their best to reduce their daily costs. But they are no longer able to find a way to cut costs. And such price hike of essentials and increase of other expenditures made people frustrated.