Although there has been no letup so far in the rise in the cost of about everything that people of this country need to survive, there seems to be a respite at least in the skyrocketing price of egg. Indeed, eggs have returned to their normal price level, that is, the rate at which those were being sold in the retail market before the second week of this month.
No doubt, it is a rare event so far as prices of essential commodities are concerned. For, it has become a norm in this country that whatever goes up, never comes down. Of course, it is about the value of anything that the general public has a stake in. It may be recalled here that following the 50 per cent hike in the prices of fuel oil in the first week of this month, transport fares shot up across the country.
As always, the clever -- clever to a degree, indeed! -- business community of our country did not miss this opportunity for another spate of price hike of everything they trade in. Rice, fish, edibble oil, green vegetables, you name it, they got pricier.
Is it not because you have to use transports to carry the products from their growers or manufacturers to the market? The argument is infallible as the escalated transport fares go into making the items of everyday use costlier. The average person is rational enough to understand that. But how much increase in prices is acceptable?
A line has to be drawn somewhere. Otherwise, general consumers cannot be expected to accept every claim, rational or irrational, that the trading community would like to make in connection with the prices of goods they sell to them. So, the way the price of eggs rose raised a few eyebrows. For every four pieces (one hali) of this ready source of protein, the price went up by close to 40 per cent.
Was it really the increased transport cost, or any shortage in supply, or something else that was the culprit? The common consumers were neither convinced, nor could they afford this excess cost burden on their daily budget. The majority of people in the middle and low-income bracket simply dropped egg from their daily menu.
Meanwhile, the government started to think loudly about the prospect of supplying more eggs to the market through import to calm the sudden volatility in the egg market. Sale of this perishable item dropped due to a fall in the demand for the item.
Meanwhile, the Directorate of National Consumer Rights Protection (DNCRP) launched a drive to control the egg market. Egg is now selling at its previous price to the relief of general consumers.
It could be learnt lately that it was the middlemen and a section of the corporate business interests who were behind artificially inflating market price of eggs to make outrageous profit. So, there is no reason to go overboard. The uncertainties will remain so long as the forces of market distortion continue to reign supreme in every sector of the economy. From that point of view, the normalisation of the egg market is rather an exception than the rule. To be frank, the market here had never been a respecter of the law of demand and supply.
It has always been vested groups, syndicates, coteries, or by whatever names you might call them, they have been in control of the market. So, market economy in real sense of the term was never given a full play to in this country. So, it has essentially remained a sellers', not a buyers' market. Small wonder that the buyers, far from being in control of the market, have rather been at the mercy of the of trading community.
In situations where market players are loath to go by the rules of the game, it becomes necessary to resort to extraneous means to bring some order to the market. The government's intervention in the market is one such option. But a government has its limitations, too. For people who run a government in a least developed or a developing economy are mostly inextricably tied to the vested groups in society and economy.
In absence of a functioning democracy, judiciary, strong and independent institutions of the people like the press, the civil society and suchlike, a society or a government turns into an oligarchy. The oligarchs then virtually control everything. In the post-Soviet era since the end of the nineties of the past century, from modern Russia to many parts of the world, oligarchy is on the rise. In advanced democracies of the West, the big corporate houses are essentially oligarchs. But they have not been able to entirely control the markets of those countries or their governments because of the strong people's institutions. An important state organ, the judiciary, is also completely free there from the influence of the executive or even the corporate interests.
But elsewhere oligarchy in various forms have been taking control of markets, economies and governments. Weak democracies, too, are falling prey to the power of the dirty money of the oligarchs. It is real bad news for the growth of a free market economy. It cannot be said that Bangladesh will not fall prey to such forces. However, common people who are also the general consumers are a big countervailing force. They can exercise their power by not buying consumer goods whose prices are increased without rhyme or reason as they did recently in the case of egg. However, efforts will be necessary to make common consumers understand the power of their will and organisation.
