PANIC buying, or perhaps stockpiling, out of fears that the new coronavirus infection spread could trigger an increase in goods prices despite government assurances of an ample supply has raised concern. Cashing in on the fearful situation, wholesalers and retailers have both begun making money, marking up food and kitchen items as well as masks and hand wash and sanitisers. Such panic buying mostly by the affluent and the middle class could have serious impact on the poor and leave them vulnerable if the government fails to put a tab on it. The panic buying of masks and hand wash and sanitisers began on March 8 when the first new coronavirus infection was reported. The bulk buying of essential goods has continued since Wednesday, when the Institute of Epidemiology, Disease Control and Research reported the first coronavirus death. The buying spree peaked on Thursday. Consequently, prices of staple items such as rice, edible oil, sugar, salt and vegetables shot up. Rice prices rose by Tk 10 a kilogram in 24 hours while prices of other items increased by Tk 5–50 a kilogram.

In response to the situation, government agencies, including the Directorate of National Consumer Rights Protection, have fined a number of sellers. Seven directorate teams monitored 11 wholesale and kitchen markets in Dhaka and fined 13 wholesalers and retailers. The teams found that the sellers had removed price tags or erased prices printed on labels to charge higher. In one case, a team has found a wholesaler at Gulshan to have increased baby milk powder prices by Tk 800 a kilogram overnight. In such a situation, the government and its agencies should take preventive and, if necessary, pre-emptive measures such as rationing the sales of basic food items to each buyer at supermarkets and major kitchen markets. Local administrations across the country should follow suit to control any further chaos on the market. The government should also tighten the supervision of the market, including the supply chain, to prevent stockpiling. Any delay on part of the government in market monitoring would lead to a chaos.

The government must remember that it has a number of challenges to meet. It has to stave off any outbreak of coronavirus infection by taking proper measures, to keep the market stable through strict monitoring and to make people aware of the situation by intensifying awareness campaigns. A chaotic market and disrupted supply chain would stretch the people, especially the poor, already living in fears of a coronavirus spread, to the limit. It is imperative for the government to stop panic buying and stockpiling. In times of uncertainty, people must also act wisely and, in the situation at hand, behave sensibly.