Markets showing price hike before budget is passed

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Shafiqul Islam
Published : 13:15, Jun 25, 2019 | Updated : 13:17, Jun 25, 2019

File PhotoFollowing the placement of the proposed budget for the fiscal year 2019-20, markets have become restive, with prices of essential seeing a sudden hike. There is a complaint that after Ramadan, there isn’t any market monitoring, which has been a boon for unprincipled businessmen.

But government officials have said that the market is under vigilance and measures will be taken in case any irregularity is noticed.

Until the budget is passed, prices cannot go up, they said.

On Jun 13, the budget for the next fiscal was proposed by the finance minister, A H M Mustafa Kamal which will be passed on Jun 30 and come into effect from Jul 1.

It’s found that after the budget declaration, the price of flour, onions, garlic, ginger, powder milk, lentils, eggs and spices have increased. To discourage smoking, price of cigarettes has also been increased.

Former vice president of FBCCI and Bangladesh Shop Owners' Association President Helal Uddin, said: “taking excess price before the passing of the budget is unethical.”

The price rise should only be applied to items which are imported under the newly structured tax rates, he added.

NBR chairman, Md Mosharraf Hossain Bhuiyan, observed: “the new budget will be effective from Jul 1 and the new tax rates will also be implemented from the same day; we will monitor the price hike in the market.”

Meanwhile, Secretary of the Ministry of Commerce Md Mofijul Islam said: “the market is being monitored and the Directorate of Consumer Rights Protection is doing their work along with Bangladesh Standard Testing Institute, BSTI; if any aberrations are notices, measures will be taken.

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