Govt says no reason for price hikes; businesses manipulate market citing global crises: CAB

Unscrupulous traders are increasing the prices of essentials on the pretext of various global crises despite the government saying there is no reason for such hikes given ample stocks, the Consumers Rights Association of Bangladesh (CAB) said today (14 February).

Speaking at a human chain programme in front of the National Press Club in the capital, leaders of the organisation demanded that steps be taken to control prices of medicines and essentials during Ramadan. 

CAB President Ghulam Rahman said, "On one hand, the government is saying there is ample stock of daily essentials in the country and that there is no reason for price hikes. On the other hand, unscrupulous traders are citing global crises like the Covid-19 pandemic, the Russia-Ukraine war, problems in opening letters of credit and increasing prices in the international market.

"Using these as pretexts, they are manipulating the market or creating a syndicate to increase goods prices."

He also said prices of all essentials are seeing an upward trend causing immense sufferings to lower- and middle-income consumers.

The CAB president said, "Rice, sugar, oil, onions, potatoes, spices, flour, bottled water, eggs, meat – no business is left out of the [traders] syndicate. Various syndicates are getting active at various times and looting billions of taka from the consumers.

"...So the CAB thinks that the necessary steps should be taken immediately to break this illegal syndicate in the market. Otherwise price control will not be possible due to syndicates. This will further increase the suffering of the consumers."

Also speaking on the occasion, CAB General Secretary Advocate Humayun Kabir Bhuiyan said, "Now the price of medicine has been increased again. Prices of several medicines have jumped by up to 35%." 

In the meantime, he said the Dhaka Wasa has also taken the initiative to increase the price of water.

"Dhaka Wasa has proposed to increase the price of water in Dhaka by 24%-147% depending on the area. The increase in water price cannot be justified without Dhaka Wasa taking any action against corruption, unreasonable expenses, illegal connections," added Humayun.