Analysis of Basic Food Prices in Traditional Markets from an Islamic Economic Perspective

Abstract

Food is the most basic need for humans, so fluctuations in the price of nine staples (basic necessities) in traditional markets have direct implications for the welfare of people, especially low-income groups. This study aims to analyze the factors causing and consequences of the increase in the price of basic necessities in traditional markets, as well as evaluating them from the perspective of Islamic economics. The method used is a qualitative literature study with a descriptive-analytical approach, sourced from relevant scientific journals, books, and publications. The results of the study show that the increase in the price of basic necessities is caused by a complex interaction between distribution disruptions, increasing production and logistics costs, supply constraints, seasonal demand spikes, and unethical market participants' behavior. The consequences of these price fluctuations include a decrease in people's purchasing power, the threat of food insecurity, an increase in inflation, and the widening of social inequality. From the perspective of Islamic economics, the practice of hoarding (ihtikar) and price speculation is a violation of the principles of justice and maslahah. Therefore, optimizing the role of the government as a market supervisor (hisbah) through targeted price intervention (ta'sir), as well as the application of Islamic business ethics by market participants, is the key to realizing price stability in line with Maqashid Sharia, especially in safeguarding the souls (hifz al-nafs) and property (hifz al-mal) of the community.