Inflation has been a very common and popular topic in recent years. I am quite sure that before 2020, many of us did not know the meaning of inflation well, but now almost all people know about it because inflation hit us badly in the last few years, and the prices of all necessary products have increased more than 2X or 3X. It was hard to imagine that the price of products could be increased to such a level. Unfortunately, it's the reality, and everyone is getting used to it.
I thought most of the people, especially poor people, would die because of hunger if the price increases too much. And I was wrong in the first because the price increased more than 2X, and for some products it was more than 3X. Surprisingly, nothing like that happened, and everyone is surviving, even if most people are struggling to balance the situation.
Price increases of products for inflation are understandable and quite logical, but apart from inflation, there are some other factors that increase the price of products. Many greedy businessmen increase prices aggressively without any valid reason, driven by their greed. Those businesses try to take advantage of the huge demand for any products, or they just use the hype of the products. I can remember that a few months ago, when a new smartphone was released, people went crazy to get it. The price of the smartphone was $250. But because of extreme hype, the smartphone was sold at between $420 and $450. Can you imagine the smartphone was sold within 2 days, even though it was 68% - 80% higher than the actual price? Main opinion: those people are foolish for spending the money on it because if they had waited a little longer, the price would be normal. I have seen many similar situations like that, and it's really made me understand why the price cap of a product is needed.
In my country, as far as I know, there is a price cap for all products, but I am not aware of the exact percentage, and it may vary depending on the product. In various locations randomly, there are some operations to catch those greedy businessmen who are charging too much from customers. As for punishment, most of the time they charge a good amount of fine. Unfortunately, it's not enough because the fines they need to pay can be recovered within a few days or a week, and there is no continuous monitoring system for them. So there is no permanent solution for it in my country right now, but in the future, if continuous monitoring is possible, it will be very easy to maintain the thighs within reasonable ranges.
So, only having a price cap is not enough. We need a continuous monitoring system to restrict those greedy businessmen because it's totally useless to have a price cap unless the government keeps them under supervision. At least it is not possible in my country because people are not honest here. If people were honest, it would not be an issue. So, having a price cap is totally ridiculous unless the government can ensure continuous monitoring. The situation can be different based on the country, as it depends on the people.
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