Posted: March 3rd, 2022

Increased Prices of Necessary Goods and Inflation Affecting the Poor Working Class People

Analysis Paper Increased costs of needed items and Inflation affecting the poor working class folks. Submitted By Minhazur Rahman Course: ENG -105 Summary World meals worth has shot up in the final years which have been succeeded by a rare international financial down-turn; Wealthy, mid and poor economies are affected largely in phrases of erosion of development, shrunk funding and lessening of job creation. The worldwide meals crises and the financial recession in the main economies have created a fancy situation whereby meals worth could not stabilize creating erosion of revenue of the widespread mass and making funding extra expensive.
That is presenting great problem to international locations like Bangladesh which is plunged additional in financial deprivation and stagnation. The unhealthy impacts of excessive costs on meals stuff is devastating the on the poor producers, wage laborers and customers in our nation. These persons are surviving very harshly in these dire conditions and are having many difficulties dwelling their lives. This paper is the consequence of a analysis performed to investigate the affect of worth hike over decrease working class folks.
The Analysis consists of the Introduction containing Background of the Analysis, Areas of the Analysis, Speculation, Methodology, Information Assessment, Findings, and Suggestions. The aim of the analysis was to determine what are their precise issues these persons are going through as a result of of worth hikes and excessive inflation. TABLE OF CONTENT 1. Introduction………………………………………………………………………… four| 2. Background…………………………………………………………………………… 5| three. Areas of analysis……………………………………………………………………… 6| four. Speculation……………………………………………………………………… … 6| 5. Methodology………………………………………………………………………….. 7| 6.

Assessment of literature………………………………………………………………….. eight| 7. Key phrases…………………………………………………………………………….. eight| eight. Limitations…………………………………………………………………………… 9| 9. Main knowledge presentation and Assessment……………………………………………. 10| 10. Suggestion…………………………………………………………………… 24| 11. Conclusion………………………………………………………………………….. 25| 12. Reference………………………………………………………………………….. … 26 13. Appendix……………………………………………………………………….. …… 27| Introduction Since early 2007, Bangladesh has been experiencing a rising price of inflation significantly in meals grain at the backdrop of international hike of meals grain costs.
The rising inflation has turn into a serious risk to folks from all segments of the society. This larger inflationary pattern doesn’t bode effectively with respect to the socio-economic progress, significantly, on the poor and weak teams. Quickly larger meals inflation has made it tough for the low revenue households to hold on with their each day fundamental expenditures. In response to the World Financial institution, 4 million folks have been pushed under the poverty line resulting from irregular rise in meals worth.
One other statistics of the World Financial institution reveals that between January 2010 and March 2011, the gross revenue of the poor decreased by 46. 7 % primarily resulting from surge of meals objects, pushing three million households under the poverty line. Even the bumper boro harvest couldn’t save the folks from the grip of excessive inflation. On the different hand, the adversarial affect of inflation has created a stumbling block to macroeconomic stability and curtailed the tempo of financial development, which is critical to poverty discount and assembly different growth challenges and targets.
This analysis reveals what issues the low incomes folks in our nation are going through proper now as a result of of the inflation and the rising meals costs. This additionally reveals that what are the meals they’re prone to eat and the costs pattern of these meals over a interval of years. This reveals that how a lot the worth of needed meals has gone up quickly. 1. 1Background Bangladesh is a really populated nation and most of the folks of our nation are under the poverty line so we’ve got tons of folks with little or no revenue or with no revenue in any respect.
This units an issue for the authorities to keep up meals costs in order that these folks can feed themselves. That is one of the largest challenges every authorities of our nation has to perform however sadly none of them had been ever capable of defeat it, not solely that the costs of every part goes up as there’s a international disaster happening. World disaster can be rising our inflation price and as a result of of that the meals costs of our nation goes up and up. Additionally the quantity of meals wanted to feed the nation is rising thus slots of meals must be purchased from exterior the nation similar to India, Vietnam, Ukraine and many others.
As a result of of this our imports are getting larger than export thus we’ve got a nasty GDP than most of the international locations in Asia. It’s apparent these days that the worth of every part starting from important each day commodities to transportation, academic, medical and different bills are rising. In response to the research, as a consequence of the worth hike, the majority (97. 7 %) of folks of Dhaka metropolitan metropolis and different elements of the nation are going through deep hassle in dealing with the state of affairs. In Dhaka metropolis 43. % of the folks suppose that as a result of of worth improve virtually every part, they’re encountering financial hardship. To Help folks to beat this financial disaster Authorities ought to come ahead and take steps towards this worth hike. The low incomes persons are subsequently having issues main a traditional life; they’re going through great hardships similar to they’ve to purchase meals that could be very low in high quality thus they’re getting much less quantity of vitamin, they can’t afford any type of fruits for themselves or their household even when they’ll they don’t seem to be so good.
Additionally they don’t seem to be capable of purchase good garments for themselves or their household and not solely these they’ll’t afford schooling for his or her youngsters as they have already got so little revenue that they’ll hardly feed the complete household. So they’re being stripped from all types of happiness a traditional human being can have and when requested they are saying that it’s a curse to be born poor as there’s little or no Help from them. 1. 2 AREAS OF RESEARCH On this part, I’ll focus on about the areas of analysis that I’ve studied.
For engaged on it comfortably and getting my supposed and anticipated outcome, I’ve ready a number of questions, which helped me lots for engaged on my survey. The entire questionnaires was based mostly on the folks with low revenue and there issues. From this questions I discovered that individuals with low revenue are having difficulties main there life and hardships they’re going through to beat this issues. This inflation and excessive costs of meals are forcing them to outlive with a little or no quantity of meals and commodities they require.
Whereas doing this analysis my general Assessment was appropriate that the folks with low revenue live in horrible circumstances. My respondents had been native folks from the place I stay that’s in Mohammadpur, right here totally different ranges of folks stay from poor to wealthy it straightforward to seek out any class of folks you want. So it was not onerous for me to undergo this interview, my main focus was on the Rickshaw Pullers, Clothes Staff, CNG & Taxi Drivers & Safety Guards with a variable age distinction with a variety of 15 to 50.
As most of them had been illiterate I needed to translate every and each question for them and so had been the outcomes of the questionnaires. I interviewed a complete of 40 eligible those who match into my profile and gathered the different required info to finish this analysis. 1. three Speculation Majority of the folks of our nation is that this low incomes folks so excessive inflation and will increase meals costs is making their life onerous to stay. 1. four Methodology Main Supply: – Via Questionnaire – Interviews with basic folks Survey respondents: 40 people- focused phase is basic low revenue incomes folks with ages between 15 to 50
Secondary Supply: – Web sites – Newspaper archive in net – Articles and different reviews At the starting I searched the net for related assets and took some concepts for my analysis and later with that information I developed the questionnaires and performed the interviews and later began compiling the main and the secondary knowledge to finish this analysis paper. 1. 5 Assessment of Literature My secondary knowledge consists of on-line article and journals, authorities report on inflation additionally some unbiased analysis performed by varied NGO’s. This analysis relies on the main knowledge that I collected utilizing the concepts of these secondary researches.
As is that this subject is a really huge one and it modifications kind space to space however the base of the info stays the identical however extra pattern would have been higher to make it a very good high quality analysis paper. For the analysis I used knowledge from the Bangladesh Bureau of Statistics, Bangladesh Financial institution, and World Financial institution. From right here I used the details about the costs of the meals and different needed items. For analysis I used totally different journals similar to the journal written by Shamsu Uddin Shakib in the European Journal of Enterprise and Administration concerning the excessive inflation of Bangladesh and it causes an impacts.
Additionally for the analysis I used one article Iqbal Ahmed on concerning the Inflationary Pattern in Bangladesh and Affect on Excessive Meals Commodity Prices. Right here the author has proven how the inflation is affecting all the folks of Bangladesh this paper is finished with the Help of a sponsor from a NGO as it’s a nationwide stage paper. 1. 6 Key phrases Inflation: Inflation is an increase in the basic stage of costs of items and providers in an financial system over a interval of time. Commodity: A commodity is the generic time period for any marketable merchandise produced to fulfill needs or wants.
GDP: Gross Home Product is the market worth of all formally acknowledged remaining items and providers produced inside a rustic in a given interval. 1. 7 LIMITATION Whereas getting ready this analysis paper I had confronted a quantity of issues. Some of these had little or no impact on the paper whereas different ones brought about my analysis to be restricted. The primary limitation is I couldn’t do my survey to the complete inhabitants for my main analysis. I did my main survey on my space and most of the folks didn’t wish to reply the questions. Moreover, I had issue discovering needed info in the web associated with my subject.
The secondary sources had been very restricted. Lastly as a result of of being inexperience I may need not been capable of manage all the supplies correctly. 2 Main knowledge presentation and Assessment For my main analysis, I collected knowledge from 30 male and 10 feminine respondents, aged between15-50 years. I conduct this survey inside the married and single individuals who have comparable social positions. The “Information Assessment” part is an evidence of knowledge gathered from the main analysis. My respondents had been: PART: A (Questionnaires) Q1. What’s your highest Qualification?
Once I requested this Question Assignment I knew that I used to be going to get this type of outcome with 20 people who find themselves illiterate, 14 individuals who handed class – 5, four individuals who handed class – eight, and 1 particular person SSC and 1 particular person HSC graduate however nonetheless they’re incomes very low stage revenue. Q2. Need type of Job do you do? Effectively it was my alternative truly, to get a extra correct outcome I interviewed 14 rickshaw puller, 10 clothes employee, 6 drivers, and 10 safety guards. Q3. Are you married of not? This Question Assignment was performed to be able to know the quantity of member of the family they’ve. This fall. What’s quantity of whole members of the family that stay in your family?
Right here we are able to see that 13 folks has a household of four folks, however there’s 16 individuals who has 5 folks household, and 9 individuals who has 6 members of the family and 2 folks with a household of eight or extra folks. So right here we are able to see a complete of 202 people who find themselves relied on perhaps one or generally 2 bread winners for the household. PART B Q1. What’s your whole household revenue? This reveals that there’s 21 people who find themselves incomes lower than 4000 Tk, 11 people who find themselves incomes lower than 6000 Tk, 5 persons are incomes lower than 8000 Tk and only a fortunate few amongst this group of folks is incomes 8000Tk or extra.
This reveals that how low quantity of wage they’re getting however nonetheless they’re doing a really onerous work in comparison with center class folks. This reveals that how unhealthy the state of our international locations low incomes folks. Q2. What’s your whole household expense? When requested this Question Assignment many of them weren’t certain how a lot to say however after some time they gave me the solutions which reveals that 23 of the folks spend lower than 3000 Tk, 10 folks 5000 Tk, 6 folks 7000 Tk and just one particular person spends 7000 Tk.
When requested why they don’t spend all of the cash they are saying that almost all of the time they do must spend all of it however they generally are in a position to avoid wasting cash for another additional use. Q3. What number of hours of work do you do every day? As we are able to see from the above chart that almost all of the folks must work greater than the ordinary quantity of work that must be carried out by a traditional particular person, as a result of as they’ve each little information they’re required to do a number of jobs generally overtimes because of this they have an inclination to work greater than the pure working hour which is eight hours.
This fall. What’s the whole quantity of cash you spend on meals? This chart reveals that these persons are spending most of their wage on meals, 15 folks is spending 1500tk as they’ve a fairly low revenue, 13 folks spends 3000tk, 7 folks spends 4000tk, and solely 2 folks spends 5000tk. Right here it clearly reveals that as these folks has low revenue so they’re pressured to spend much less on meals and they’re spending the most quantity of cash on the meals. # The connection between the quantity of members of the family and the quantity of cash they spend on meals.
This graph clearly reveals that as the quantity of members of the family will increase the quantity of cash spent in shopping for meals will increase thus making a transparent assumption that extra quantity of folks would require extra meals and more cash is subsequently required to feed a big household, which will increase extra issue of the bread winners and they must work extra hours as proven in earlier charts. So one technique to cut back this spending might be carried out by giving start to much less quantity of youngsters because of this there might be much less quantity of mouths to feed additionally the inhabitants will get decrease Q5.
What meals objects do you eat and how a lot of it? This chart reveals the common share of meals objects they eat to be able to survive. A complete of 40 % of meals out of 100 percentages is rice as rice is the most typical staple meals of our nation. Than the potato it’s as a result of it’s low-cost and it supplies tons of power and subsequently it’s eaten lots, then the different staple meals that the folks eat. The meals objects that they eat are of very low high quality and that’s why they’re obtainable at a less expensive price. Q6. What are the different areas that you simply spend your cash aside from meals?
This chart reveals that after they purchase their meals the relaxation of cash relatively getting the alternative of saving it, it’s required somewhere else similar to the hire, medication and docs, clothes and schooling. These are the basic areas that they spend subsequent to the meals. Hire is the highest amongst all of this as a result of the dwelling price in Dhaka metropolis is rising quickly and to ensure that there’s a roof above their head they’re generally keen to pay the hire earlier than they go and purchase the meals. Even in the slums the hire is getting larger quickly a lot of the revenue goes into paying the hire after meals bills.
Medical doctors & Medicines Normally this complete folks obtain a really low class therapy. All of them must go to the low-cost authorities hospital which has a really effectively popularity in offering the worst type of remedies. Additionally they can’t afford good drugs because of this they turn into sicker and are extra susceptible to catch illnesses. If the authorities made some efforts to a minimum of enhance the high quality of the hospitals and present good generic drugs at a less expensive price than they’d have the ability to avoid wasting cash. Clothes
The those who I researched on are low revenue folks no naturally they’ve a really low funds for clothes. Most of the occasions the garments they put on are given by the folks to them as charity or the put on 2nd hand garments or garments that are of very poor high quality. Schooling Schooling is the most necessary requirement for a nation to develop however most of the folks I interviewed are illiterate or simply main graduate. Additionally most of the youngsters of these folks don’t go to high school as they must pay the charges so that they don’t wish to waste their cash faculty. Some of the youngsters go o faculty however they dropout early to Help earn cash for the household. Those that stay they hardly move the PSC, JSC or SSC exams and begins working. Inflation and Meals costs pattern of the final four years This graph reveals the basic inflation that’s the inflation of every part throughout the nation and the inflation of the meals worth over a interval of four years. It reveals that in 2008 and 2009 the basic inflation elevated 1. 5% extra and meals worth inflation to 2. eight%, this reveals that the drawback of inflation isn’t latest however all of us had been struggling since 2008.
However in 2010 there was a small hike typically inflation and the meals worth inflation lowered however in 2011 resulting from some social and political turmoil the meals worth inflation throughout shot up greater than 2. eight% because of this the worth of meals elevated drastically. This graph reveals the worth of some widespread meals that everybody consumes however the high quality of the merchandise are of low grade as this analysis is about the low revenue incomes folks so is the worth of this merchandise however nonetheless that is excessive sufficient for these folks.
As we are able to see that in the yr 2008 there was a worth hike in each rice and atta this was as a result of of the international monetary disaster, as a result of the quantity of rice that’s produced in our nation isn’t sufficient so we import most of our rice from Vietnam and Ukraine and resulting from the international recession Bangladesh additionally suffered the affect of recession as outcome our exports decreased however our imports elevated as the inhabitants has additionally elevated.
Than in later years it stabilized however in 2011 it once more hiked as a result of of some political unrest in our nation and additionally there was a breakdown of relationship with the neighboring international locations because of this we took an enormous hit. However for potato it was not an issue as a result of we produce lots of potatoes sufficient to the poor folks of our nation. three Suggestion It’s apparent these days that the worth of every part starting from important each day commodities to transportation, academic, medical and different bills are rising.
To Help folks to beat this financial disaster folks from all walks of life ought to come ahead and take needed steps towards this worth hikes. Following steps must be taken Fast motion: 1) To regulate worth of commodity deposit price and lending price of Banks ought to management. 2) Present extra significance to agriculture sector. three) Management Enterprise syndicate in addition to stockiest who create synthetic crises in market. four) Present micro credit score facility by authorities. The rate of interest of that disbursement shouldn’t greater than 6%. ) Import duties of basic items must deduct. 6) Contemplate company tax price. 7) Established authorities regulated mega store. eight) Tax price of medical instrument & medication ought to minimal. Long term Motion: 1) To take away unemployment drawback search totally different sources of sector. 2) Make the most of our pure gasoline instantly by authorities. three) Progress price of inhabitants management. four) Detached financial coverage supplies each public & non-public sector. 5) General management of malpractice. 6) Discount of corruption. Conclusion Excessive inflation isn’t good for any nation it holds a nation again.
This inflation doesn’t solely harms the low revenue folks but in addition everybody in the nation, this impacts everybody this decreases the dwelling requirements of folks. As I’ve proven excessive inflation limits the low revenue folks all of them stay a really onerous life, they purchase very much less quantity of meals as they must pay the hire to stay below a roof they continually want drugs as their dwelling circumstances are very unhealthy and in the event that they find the money for left they attempt to purchase some new garments or ship their youngsters to high school however many of them aren’t fortunate sufficient. Most of their revenue is just sufficient for simply hire and meals.
As a result of they have already got low revenue and this excessive inflation is inflicting the costs of meals and different commodities to extend quickly as proven earlier, so that they haven’t any different alternative however to stay a really onerous life. References 1. Shakib. S. U. ,( 2012) European Journal of Enterprise and Administration ISSN 2222-1905 (Paper) ISSN 2222-2839 (On-line) Vol four, No. three, http://www. iiste. org 2. Ahmed, I. (February 2008) Inflation and the Poor in Bangladesh, Coverage Assessment Unit, Bangladesh Financial institution, pdf http://www. bdprices. org/article/jan_11/meu_jan_2011. pdf three. Ahmed, I. (n. ) Inflationary Pattern in Bangladesh and Affect on Excessive Meals Commodity Prices. pdf. http://www. bdprices. org/journal/jun_10/meu_jun_2010. pdf four. Bangladesh Financial Replace, (2011). http://www. unnayan. org/reviews/meu/june_11/meu_jun_2011. pdf. 5. Client Value Indexes, (April 2011). http://www. bbs. gov. bd/house. aspx 6. Engendering Growth: Via Gender Equality in Rights, Sources and Voice, A co publication of the World Financial institution and Oxford College Press. 2002 7. Bangladesh Bureau of Statistics. (2011) Inflation & Value traits http://www. bbs. gov. bd/house. aspx Appendix

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