Dhaka Times Report. In recent times, the government has not been able to play any role in controlling the rising inflation in the country. Bangladesh Bank has reduced money supply through contractionary monetary policy but people are not getting the benefits. Every day the prices of some things are increasing. Common people are facing problems.
According to economists, the country has now crossed the high inflation warning sign. Being highly dependent on imports, the people of this country have to bear the responsibility of price fluctuations in the international market. Due to which, as the days go by, it has become difficult for almost all classes of people to balance their income with their expenditure. This has reduced the purchasing power of people. They are also forced to cut essential products from their daily spending budgets. In this regard, the executive director of the Center for Policy Dialogue (CPD), a private research institute. Mustafizur Rahman said that although the rate of inflation has decreased slightly, the price level is increasing, as a result the suffering of people with limited income is increasing. He said that the price level has been too high to rise over the years. For this the government has to take some steps. One. It must be ensured that the rate of inflation remains low. Two. The price level should not rise any more. Three. Various measures should be taken to increase the income of people with limited income. In this case, more attention should be paid to the productive sector. Dr. Mustafizur Rahman said that inflation below 7 levels is normal and bearable and inflation of 7 levels is a warning signal for the economy and inflation above it is an abnormal situation and inflation of 9 levels is a great warning signal. Those concerned say that the age of the government has passed three years. Political instability awaits in the coming days. Unstable political environment will make business and commerce of the country more unstable. This will discourage foreign investment. The money of domestic investors will be boxed. People will lose employment if production is stopped in industries or if production is low. Even though people are sighing in the wake of inflation, people are constantly burning due to the lack of expected measures to control inflation. Beyond the quota of the lower class, it has started hitting the middle class as well. Class discrimination is being created. People's anger is increasing. Even due to the ever-increasing rise in commodity prices, the jobbers and middle-class businessmen are no longer able to save regularly in the bank as before to meet the cost of living, but have started breaking the accumulated savings.
According to Central Bank sources, the depositors have withdrawn about 1500 crore rupees accumulated in various banks. Former adviser to the caretaker government. AB Mirza Azizul Islam said that the desired amount of investment has not come in the country in the last one year. This has a negative impact on growth. As a result, the target growth was not achieved. Also the low income people were suffering greatly due to inflation. The next budget should focus on these two sectors. It is known that the cost of living has increased abnormally due to the increase in the prices of other products including daily commodities in the country. Reduced purchasing power of people. Common people have to bear the cost of travel due to increase in bus fare.
Economists believe that periodic devaluations have reduced reserves and put pressure on individual savings. This has created an unstable condition in the market system. As the days go by, it has become difficult for almost all classes of people to match their income with their expenditure. This has reduced the purchasing power of people. People are forced to cut essential products from their daily budget. This is causing a lack of nutritious food for low-income people. Due to which the possibility of suffering from various types of malnutrition diseases is increasing. In this situation, another round of price increase of sensitive products such as fuel, which can affect the income of people of all classes, did not make people extremely hopeless; Many have commented that it could also cause public outrage.
Meanwhile, economists have commented that inflation above 7 levels in a country is an unusual situation. According to the latest data of Bangladesh Bureau of Statistics (BBS), the inflation rate has returned to single digits after a long thirteen months. Although this rate has increased by about two and a half percent compared to the same period last year. Inflation in both food and non-food sectors decreased slightly in April. The inflation rate on a point-to-point basis stood at 9.93 percent in April. On the other hand, the price inflation has increased by 2.32 percent compared to the same period last year. Inflation for the last one year (May 2011-April 12) stood at 10.86 percent. Which was 8.54 percent in the same period of the previous year. At the same time, the inflation rate stood at 9.93 percent on a point-to-point basis in April. Finance Minister Abul Mal Abdul Muhith himself has admitted the dire inflation in the country. However, he has been defending himself almost all the time by saying that despite the rise in inflation, inflation is active in almost all countries in the current world context. The existing price inflation in Bangladesh, he said many countries in the world; South Asia also claims to be less than many countries. He also claimed that inflation control is not possible in one-two months. It is a long term process.
Citing the Consumers Association of Bangladesh (CAB) statistics, daily Yugantar said that the cost of living has increased by about 23 percent in the last one year. The cost of living has also increased due to the rise in the prices of daily necessities. The daily commodity market has already gone beyond the purchasing power of many. Due to the high prices of most of the daily necessities in the market, the savings of the poor and working people of the country have started to run out. People with limited incomes have also reduced their purchases. Many people have to spend their days starving and half-starved due to non-reduction in commodity prices. Not only that, the number of hungry people is increasing due to reduced purchasing power compared to the requirement. People are suffering from many other problems including malnutrition. In this situation, people with low income are gradually becoming worried. According to Trading Corporation of Bangladesh (TCB), prices of more than 34 products have increased in the last one year. In the wake of inflation, the purchasing power of people has decreased, but people are constantly burning due to the lack of expected measures to control inflation. Beyond the quota of the lower class, it has started hitting the middle class as well. Class discrimination is being created. The anger of all professional people is increasing. In this regard, the former governor of Bangladesh Bank. Saleh Uddin Ahmed said, the government has to face two challenges due to the increase in price inflation. Because on the one hand inflation is increasing, on the other hand GDP growth is decreasing. He opined that coordination between the central bank and various agencies of the government is necessary to take quick measures to solve it.
It has been found that many people with limited income are omitting to buy some products from the list of necessary products due to the rising prices of goods. The market has already gone beyond the affordability of many. As purchasing power decreases, the number of hungry people increases. In this situation, people with low income are gradually becoming worried. According to CAB data, all types of markets, including daily commodities, were stagnant throughout the year 2011. In this regard, the former governor of Bangladesh Bank, Saleh Uddin Ahmed, said that although the main task of the central bank is to reduce inflation through the formulation and implementation of monetary policy, the central bank is not able to fulfill the goal of implementing monetary policy due to the pressure of the government. The central bank is not able to meet its targets for various tasks, including taking additional bank loans from the government.
This situation cannot be allowed to continue. The policy makers of the government should remember that the success and failure of the government depends on the happiness and unhappiness of the common people. The government must undertake a pragmatic program without regard for any political gain. The next budget should reflect the purchasing power of common people. If not, the people will be flushed one day. Then there will be no more time.
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