Rising commodity prices are no longer a “news headline” today. Every year, every month, every hour, even every moment, the price of things is going up. If the prices of daily necessities continue to rise, except some profit hunters and fortune-tellers, the livelihood of the rest of the people becomes miserable. So rising commodity prices are a huge problem in our socio-national economic life today.
Reasons for rising commodity prices:
The market is now beyond the reach of ordinary people with limited income. Prices of all kinds of food products are rising. Almost every day the price of one or another product is increasing. There are reasons behind this. Usually the price of the product increases if the demand for the product is not adjusted. Commodity prices continue to rise for a variety of reasons, including international factors, natural causes, festival-related factors, lack of supply, and inadequacy of production. Inflation is also due to imbalance between supply and demand, stocks, black market, etc. Moreover, natural disasters are a daily occurrence in the country, and these disasters have a huge impact on the country’s economy, leading to rising commodity prices. The prices of gas, water, vehicles, electricity, etc. are also increasing.
The effect of rising commodity prices:
The effect of rising commodity prices in the life of individuals and society is very negative. The effect of rising commodity prices mainly falls on the people. People buy necessities with hard-earned money for their daily needs. They live on a low income. It is almost impossible for them to buy the necessary items at extra cost. As a result, the children of these families suffer from malnutrition and lead inhuman lives. Many choose the path of illicit income in order to overcome the financial crisis caused by the increase in the price of essential commodities. As a result, anarchy was created in the society.
Remedy for price rise:
The following steps can be taken to prevent price rise:
- Improving the agriculture, industry and commerce of the country.
- The production system needs to be simplified and expedited.
- Farmers should refrain from imposing taxes.
- Strict control measures should be imposed on traders, capitalists and suppliers of goods.
- Communication system needs to be improved to keep the supply of demand in order.
The relationship between commodity prices and living is very close. Because people buy various products to meet their daily needs. And if the purchase is not consistent with the income, then there is no limit to the misery. Public, private and private initiatives to prevent this predicament are the need of the hour