Economy
Inflation finally dawns on youth as potato crackers price increased
For a generation that evaluates the economy based on carbonated drink prices, it took a while for Bangladeshi youth to perceive the true gravity of the ongoing economic inflation. The concerned youth didn’t flinch during the oil price hike or as the dollar market rose higher by the hour. But as it turns out, the price hike of Potato Crackers chips is where they draw the line.
“The first wave started with the increase of the 250 ml Coca-Cola price. It was tough but we had to resort to our last option – Bepis,” says Shadman Sakib, a victim of the recent Potato Crackers crisis, “But what about Potato Crackers? I can’t just replace it with the closest knockoff! It’s potato chips, not my undergrad from Canada where I can just choose the University of Newfoundland if Manitoba’s not an option!”
Unlike the dollar market crisis or oil price hike, the Potato Crackers price hike has affected the privileged classes as well. Panic floods the streets of Gulshan, Banani and the urban and more privileged sections of Uttara. Supermarkets have reportedly run out of stocks of Potato Crackers as victims are fearing prices rising even further in the future.
Bashir Wayne, an eminent icon of the privileged class, expressed his concern, “I’m the least bothered when it comes to money. I don’t get the panic among the peasants regarding the dollar price hike. If things are too expensive for you to buy in taka, just pay in dollars using your father’s credit card. The Bangladeshi currency inflation can’t affect you if you don’t use Bangladeshi currency in the first place! I can’t believe our economists haven’t yet come up with this simple solution.”
“However, the Potato Crackers crisis made me realize that we, as a nation, are in grave danger,” continued Bashir, “Just like my father tries to bypass the taxation policies of our country, I also tried to bypass the crisis and order Potato Crackers on Amazon. Unfortunately, it wasn’t available and now I have to live my worst nightmare – pay for something in cash on my own and live like a commoner.”
Acclaimed economist and Nobel laureate Dr. You-Know-Who dissected the financial strategy of our youth, “The panic regarding price hike of Potato Crackers among our youth is equivalent to the panic regarding oil prices among our boomers. While nations evaluate the economy in terms of gold reserves, import-export index or local market prices of commodities, our youth measures it through prices of energy drinks, chips, inflammable death sticks and the availability of vouchers on food delivery apps. For them to understand the gravity of the inflation, we must dumb the economic terms down to their IQ and explain it to them as you’d to a 4-year-old.”
Dr. You-Know-Who’s new book ‘Inflation for the Mentally Inflated’ intends to explain the financial crisis to Bangladeshi youth and create the much-needed panic among them so that they can be more financially responsible, save their money and invest in more fruitful ventures.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
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