High pricing of kitchen supplies has caused difficulties for the people of Bangladesh during the last year. The government’s praiseworthy efforts have been unable to loosen the hold of inflation, which persists due to the unscrupulous actions of hoarders.

These dishonest people use the market to make unfair gains, worsening the situation for regular folks. The next fasting month brings the concern of rising costs, which might further impact the vulnerability of the population. The government must take strong steps to demolish the hoarders’ syndicate and alleviate the misery of its people.

The challenges facing the average Bangladeshi citizen are significant. The continuous increase in the costs of necessary kitchen items has become a significant issue, putting further strain on the already restricted budgets of households.

Families are compelled to make challenging decisions between providing food and fulfilling other essential requirements. This financial burden is especially significant when the sacred month of fasting, a period of spiritual contemplation and communal bonding, approaches. Instead of experiencing spiritual growth, many people are consumed by money troubles.

The government’s attempts to reduce inflation have been hindered by the ongoing actions of hoarders. Hoarding leads to an artificial shortage, causing prices to rise and taking advantage of consumers’ susceptibility.

A Critical Imperative for Market StabilityThe practice continues to exist in a harmful and subtle way, despite efforts to regulate and enforce rules, which is damaging the market’s stability and reducing public confidence. The uncontrolled authority held by these hoarding syndicates alters market dynamics and causes great hardship to the population.

The next fasting month increases the necessity for intervention. This holy time is of great importance to Muslims globally, highlighting the ideals of compassion, generosity and unity throughout the community. The possibility of increasing prices may jeopardise the sacredness of this event, creating doubt about persons’ capacity to fulfill their religious obligations peacefully.

The selfishness of a few should not endanger the welfare of the whole society during this important period.

To address these difficulties, the government has to implement a comprehensive strategy to combat hoarding and reduce the effects of inflation on its population. Firstly, strict enforcement measures need to be put in place to stop hoarding and ensure those responsible are held accountable. Robust surveillance systems and cooperation among appropriate authorities are necessary to detect and prosecute persons involved in these illegal activities.

Furthermore, it is important to initiate public awareness efforts to educate consumers about their rights and enable them to combat exploitation in the marketplace.

To effectively combat hoarding, it is crucial to tackling the underlying structural difficulties in the market that facilitate these unethical behaviors. Improving market openness and promoting fair competition are essential elements of a sustainable resolution.

To accomplish this goal, the government has to focus on promoting fair trade practices and establishing procedures to guarantee easy access to information for consumers. Empowering customers with information on market dynamics and price patterns enables them to make educated decisions and influence dishonest individuals.

It is essential to establish a favourable environment for small-scale manufacturers and dealers to diversify the supply chain and decrease dependence on a few major companies. The government may cultivate a more robust and inclusive market environment by offering assistance and rewards to small enterprises. This encourages economic variety and weakens the power of large-scale hoarding syndicates, as smaller participants are less inclined to participate in such activities.

Efforts should also focus on strengthening social safety nets and support systems to lessen the effects of inflation on disadvantaged communities. This might involve increasing the availability of subsidised food programmes, enacting specific cash transfer projects, and enhancing social support programs for low-income families.

The government may improve the resilience of its population and reduce the negative impacts of price increases by tackling the root socioeconomic vulnerabilities worsened by inflation. The government’s social safety net programs have been well recognized for their effectiveness, which is encouraging. Still, the government should seek opportunities to enhance and broaden the scope and magnitude of these programs to cover more poor people.

The Bangladeshi citizens’ steadfast belief in Prime Minister Sheikh Hasina, as seen by their strong backing in the last parliamentary election, highlights her crucial position as the country’s symbol of optimism. She is the country’s final hope, and everyone is looking to her for direction and leadership in these difficult times. The prime minister has instructed the relevant authorities to regulate market pricing at all costs, raising expectations for prompt and resolute action.

It is now the responsibility of the authorities to follow the PM’s instruction and efficiently address the issue of stockpiling to stabilise market prices. The government currently does not have any major political obstacles, which presents a good opportunity to tackle this urgent issue. If the authorities manage to dismantle the hoarding syndicate and stabilise the market, it will surely bring a sense of relief to the people and strengthen their backing for the government.
_____________________________________
The writer is a Professor, Department of Public Administration, University of Rajshahi.