Inflation Hits Near 10pc

Representational Image

Representational Image

After a slight decrease, inflation increased again last August. Inflation has stood at 9.92 percent this month. However, the noticeable aspect is that food inflation in the country suddenly increased in August. In this month, overall food price inflation has been 12.54 percent. Food inflation in rural and urban areas is now over 12 percent.

On Sunday (September 10) Bangladesh Bureau of Statistics (BBS) released the updated report on inflation. Such scenario of rising inflation was seen there.

The government expected inflation to moderate in August. After the National Economic Council Executive Committee (ECNEC) meeting on August 29, Planning Minister MA Mannan told reporters, 'Inflation cannot be brought down by force. Effective policies have to be adopted. I can hazard a guess that inflation will drop by 2 to 4 points this August.

Inflation rate of 9.92 percent in the August means that a person who used to buy goods and services for 100 taka in August 2022, has spent 109 taka 92 paisa to buy the same product in August this year. That means, the cost has increased by 9 taka 92 paisa in one fiscal year. Inflation is like a tax that burdens everyone, rich and poor alike.

In July, inflation was 9.69 percent and in June it was 9.74 percent. However, inflation in the country was 9.94 percent last May. This is the highest in almost a century. Apart from this, the average inflation for the last fiscal year 2022-23 was 9.02 percent, which is the highest in an era on an annual basis.

According to the updated data of BBS, overall inflation in food sector was 12.54 percent in August. In July, this rate was 9.76 percent. This means, inflation increased by 2.78 percent in August. Among them, food price inflation in rural areas was 12.71 percent in August. Food price inflation in urban areas stood at 12.11 percent. In both cases, food inflation was below 10 percent in July.

On the other hand, the overall non-food price inflation decreased from 9.47 percent in July to 7.95 percent in August. In August, non-food inflation in rural areas was 7.38 percent and in urban areas it was 8.48 percent.

On the other hand, the overall price inflation in the village is now 9.98 percent, which was 9.75 percent in July. The overall price inflation in the city is now 9.63 percent, which was 9.43 percent in July.

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