Price Hike
In Bangladesh, prices of essential commodities have been rising significantly in recent months, leading to an increase in the cost of living in the country. The inflation rate has risen to its highest level in over four years, reaching 8.7 percent in June 2019, according to the Bangladesh Bureau of Statistics. This is largely due to the rise in global oil prices, an increase in taxes, and an overall surge in domestic demand.
The rise in prices of essential commodities has been particularly felt in Bangladesh, as the country is an importer of many commodities. For example, the price of rice, a staple food of Bangladesh, has increased significantly in recent months. According to economists, this is due to the increase in global prices as well as the devaluation of the local currency, the taka. In addition, the prices of other commodities, such as fuel, vegetable oil, and sugar, have also risen sharply.
The rising prices have been felt most acutely by the poor, who are particularly vulnerable to the effects of inflation. Many of them struggle to meet their basic needs, and the rising prices have made it even more difficult for them to make ends meet. The government has taken steps to address the issue, such as providing subsidies to essential commodities and increasing public spending on social protection programs. However, these measures have not been enough to offset the impact of the price hikes.
The government must take further measures to address the issue, such as increasing agricultural production, controlling the currency exchange rate, and reducing taxes on essential commodities. It must also ensure that the prices of essential commodities are kept within reach of the poor. Otherwise, the price hikes will continue to take their toll on the most vulnerable members of society.
