The unprecedented goods price spiral has made the economic survival of the larger section of the public extremely difficult. The prices of many of the commodities increased. Meanwhile, people’s real income and purchasing power have declined. Wage growth remains below the inflation rate.
The gap between the consumer price index and the wage rate index hits low-income people hard because of their declining real income. People have already cut down on their food and medical expenses.
Inflation inequality has pushed millions of people into poverty. Economists and market analysts blame the inaction of the government to check inflation, the profiteering of a section of businesses, and the devaluation of the rupee against the dollar for the situation.
There is no commodity in the market, the prices of which are not increasing rapidly. The uncontrolled and unbridled rise in commodity prices is making people’s lives miserable.
Consumers are wary of the prices in the market, especially low-income people, who are spending all their income to buy minimum food items for survival. They do not have money to spend on health, treatment, education, etc.
The price of daily necessities has increased several times more than the rate at which income has increased. One reason is that there is no effective control of the concerned authorities over the market.
No market monitoring, supervision, or remedial action accordingly. The poor, retired civil servants, senior citizens, and low-income marginal are the worst affected by rising commodity prices.
The situation is even worse for the employees who have spent their working life honestly. Because their saving pension or gratuity money during working life is the only asset. They have bought savings bonds with the money saved at the end of life. They have to complete their family life with the profit money of these savings bonds.
In fact, the government is completely silent about the increase in commodity prices. Syndicated traders are raising the prices of daily necessities on various pretexts and putting the common person in trouble.
Economists consider inflation as the biggest foe of the economy. Inflation reduces people’s purchasing power, increases the suffering of middle and lower-income people, and makes the living standards of consumers miserable.
The number of people plunged into despair and social unrest is increasing. Consumer price inflation has also outstripped inflationary volatility. However, the recent increase in prices has surpassed all previous records.
The common consumer is burning in the fire of commodity prices. Rising commodity prices make people of limited income miserable. No matter how much the government says they are controlling the market, in reality, it seems that the syndicates are controlling the government.
Some products’ prices rise even when there is no shortage in supply. Moreover, if you pay extra money, there is no product that is not available in the market, that is, a group of crooked syndicates is shaking the handle from behind and common people are paying for it. Their pockets are cut daily, but there is no one to watch, the consumers are silent and extremely helpless.
People’s income is not increasing at the rate at which commodity prices are increasing. The relationship between commodity prices and lifestyle is very close. How a family conducts, their daily life depends on their income, needs, and commodity prices.
When the price of every necessary commodity is at a tolerable level and within the purchasing power of the common people, they lead a comfortable life. On the other hand, when the prices of daily necessities become uneven to the financial position of the common person, unrest begins.
To prevent the increase in goods prices, political stability, transparency, and accountability are necessary. Control over smuggling and hoarding can help.
