Ordinary Lives Devastated Under the Pressure of Inflation

In present-day Bangladesh, one of the most widely discussed and significant problems is inflation. Its impact on the people of the country is becoming increasingly severe. Currently, the inflation rate in Bangladesh is above 9 percent, which is drastically disrupting the lives of ordinary citizens. There are multiple causes behind inflation. Among the primary reasons are increased demand, rising production costs, excessive money supply in the market, and the easy availability of bank credit. When the supply of a product falls short of its demand, the price of that product increases compared to before, forcing consumers to spend more money on a limited quantity of goods. Likewise, when the cost of raw materials and wages rises, production costs increase, and this directly affects product prices. Moreover, when the central bank prints excessive money and increases the money supply in the market, people’s purchasing power and demand rise. However, if the supply of goods does not increase accordingly, inflation occurs. Global instability and an import-dependent economy are also major contributors to inflation. The dark effects of inflation are pushing ordinary people’s lives into hardship. Its impact is visible in both urban and rural areas. In city markets, the prices of essential commodities continue to rise. Even during the winter season, when the prices of seasonal vegetables and fruits are usually expected to fall, they have instead increased. For lower- and middle-income families, survival has become a difficult struggle, one they must fight every day. Inflation is making the lives of poor families unbearable. They are unable to properly meet their basic needs such as food and clothing. Many families migrate from villages to cities hoping for a better life and to fulfill their needs, but instead they face high living costs that sometimes force them to survive without adequate food. Some dishonest traders hoard goods to earn excessive profits, creating artificial shortages in the market and driving prices higher. While the salaries of lower- and middle-income families remain unchanged, inflation forces them to spend more, causing severe mental and physical stress. Their monthly budgets no longer balance, and they worry constantly about how to meet their family’s needs. Often they become indecisive, unable to determine which necessities to purchase, which to reduce, and which to forgo, leading to psychological distress. This problem is not limited to cities; it is also evident in rural areas. Most rural people depend on agriculture and day labor, resulting in low and irregular incomes. With such limited earnings, they cannot purchase necessary goods according to their needs. Rising prices of essentials rice, lentils, oil, sugar, flattened rice, flour, medicines, and more place them in a state of confusion and hardship. Inflation also severely affects agriculture. The costs of fertilizers, pesticides, seeds, and labor have increased, raising overall production expenses. Many marginal farmers take loans from moneylenders or agricultural banks to cultivate crops, but higher production costs and the failure to receive fair prices for their produce push them into losses and deeper debt. At the same time, wages for day laborers and low-income workers have not increased significantly, while rising commodity prices reduce their purchasing power. As a result, they cannot ensure adequate food, nutritious diets, healthcare, or education. Many families must skip meals or give up essential items. Inflation is also increasing rural unemployment and poverty. Many people migrate to cities in search of work, only to face further suffering, creating social and familial instability. Savings are also negatively affected. Therefore, inflation must be reduced by any possible means. To control inflation, the central bank should raise interest rates so that people borrow less and consumption decreases. It must also regulate money printing to maintain the value of the national currency. Ensuring adequate supply of goods according to market demand is essential to prevent shortages. Dishonest hoarders who create artificial crises must be brought under the law and properly punished, supported by regular market monitoring. If the government reduces public expenditure and increases taxes, the amount of money in people’s hands will decline, which may help lower prices to some extent. Import costs should be reduced while increasing domestic production of those goods, which would also help control inflation. If inflation and rising prices are not controlled, the living standards of people in a developing country like Bangladesh will deteriorate further. Inflation reduces purchasing power and lowers quality of life, posing a serious threat to the poor. It may also destabilize the state, increase disorder, and halt economic dynamism. Thus, appropriate laws and measures must be adopted to control inflation. If inflation can be managed, economic momentum will continue, relief will return to ordinary people’s lives, the poor will at least be able to survive with dignity, citizens will be able to meet their needs, live healthy and orderly lives, and participate in national development. Therefore, to build a stable and prosperous Bangladesh, controlling inflation, restoring comfort to public life, and keeping the wheels of the economy moving are absolutely essential. Only then can Bangladesh progress from a developing nation to the summit of a developed country. Achieving this requires united action from both society and the state, standing shoulder to shoulder to take effective steps against inflation.