Cost of living went up 10.48 percent in 2003 due to soaring prices of consumer goods and services including house rent, according to the annual report of Consumers Association of Bangladesh (Cab).

The Cab report said prices of commodities shot up 4.84 percent and blamed the government for its failure to control the price hike of essentials.

The report said the government's decision to hike up prices of public utilities and transport fares at the behest of the World Bank and International Monetary Fund has also made life difficult for consumers in general.

Cab reported a price hike of 5.41

percent for rice, 6.06 percent for flour, 6.89 percent for oil, 19.36 percent for eggs and an average of 6.92 percent for onion, garlic and other spices.

It said the government's open market policy has led to destruction of local industries due to inferior goods including medicines from neighbouring countries entering the domestic market unchecked.

A recent survey conducted by Midas and International Consulting Group estimates that the number of small and medium enterprises shut down in last five years stands at 5.65 lakh.

Cab urged the government to immediately formalise the Consumer Protection Act pending for years to check adulteration and protect consumer rights.