The interim government is set to crack down on syndicates to control the rising prices of essential goods, employment adviser Asif Mahmud told reporters on Tuesday.

While the recent floods have driven up vegetable prices, the sharp increases in other key commodities are largely due to price manipulation by corporate entities and market traders, he also said.

He was speaking at a discussion organized by the Bangladesh Secretariat Reporters Forum (BSRF) at the Secretariat’s media center.

Mahmud, also a student protest leader, said large food suppliers and market middlemen have been artificially inflating prices. To counter this, the government plans to support new youth-led initiatives aimed at bypassing middlemen by delivering produce directly from farms to consumers.

The government has identified that large corporations supplying food to wholesale markets have been hiking prices to boost profits, Mahmud added.

He further warned that the interim government would invoke emergency laws to arrest corporate leaders, accusing the previous Awami League government of weakening the consumer rights department to appease big business.

Previously, the Directorate of National Consumer Rights Protection had the authority to imprison price manipulators, but under amended laws, it now imposes fines of no more than Tk5,000. The government plans to strengthen the directorate by reforming these laws.

Besides, market traders have reportedly been aligning with various political parties to maintain their syndicates. Before the Awami League’s ouster on August 5, these traders benefited from syndicates backed by Awami League members and their associates. Now, they are seeking new political alliances.

BDST: 1837 HRS, OCT 15, 2024
MSK