As the prices of different kinds of rice shot up by 75 percent, about three crore families in the country had to spend about an additional Tk 76,000 crore, the study mentioned.

Prof Barkat, also the general secretary of Bangladesh Economic Association (BEA), revealed the study findings at a roundtable on "Way out to check price hike of essentials and adulterated foods," organised by Bangladesh Consumer Society.

He said due to the price hike of essentials, the quality of living standard has gone down.

"Food consumption has lowered by 10-18 percent while people now have to spend more money to buy foods, curtailing their expenditure on education, health and housing," Prof Barkat mentioned in his paper.

The statistics of Bangladesh Bureau of Statistics, the finance ministry and Bangladesh Bank do not reflect the true picture of the market, he said, adding, "The rate of the price hike of essentials is three times higher than what the government statistics show."

A section of businessmen have benefited due to the excessive price hike of essentials, he added.

Speaking at the roundtable, BEA President Quazi Kholiquzzaman said, "If the government does not admit the reality, then how would they find a solution to the problem?"

The existing market economy is not fit for the country, as it does not serve the interest of people, he said.

"The market economy does not mean that anybody can do business in a way they like. It must function through a regulation system," Kholiquzzaman said.

Awami League Presidium Member Suranjit Sengupta told the roundtable that people of the country are now passing their days in hardship due to the skyrocketing prices of essentials.