• Wednesday, Nov 30, 2022
  • Last Update : 10:24 am

Inflation unstable, still more than FY21 target

  • Published at 02:31 pm August 10th, 2021

The inflation is still 0.06 percentage points higher than the inflation target set at the national budget of the current financial year

The country's overall inflation has come down in July this year. It stood at 5.36% this month, down from 5.64% in June. 

Even then, it is 0.06 percentage points higher than the inflation target set at the national budget of the current financial year.

According to the Bangladesh Bureau of Statistics (BBS) data, the country's food inflation in July stood at 5.08%, down from 5.45% in the previous month. 

Inflation in non-food items dropped to 5.8% in July from 5.94% in June. 

Also Read - CPD finds 5.3% inflation rate impractical as cost of living rises

In other words, in the 2021-22 fiscal year (FY), inflation has decreased in all aspects. 

However, in the budget speech, Finance Minister AHM Mustafa Kamal vowed to keep inflation at 5.3% in 2021-22 FY.

Meanwhile, the analysis of the data of the last six months of the BBS shows that this aspect of the economy is being unstable. Inflation is on an up and down curve.

In February this year, the inflation was 5.32%, in March it was 5.47%, in April it was 5.56%, in May it was 5.26% and then in the last month of the last financial year, it suddenly reached 5.64% in June. 

However, in the first month of the new financial year, it jumped down to 5.36%. down by 0.28 percentage points.

BCS Director General (Additional Secretary) Tajul Islam said that the data came from the BBS survey, which was conducted all across the country.

In an interview with the Dhaka Tribune on Tuesday, he said: “Usually from 12th to 18th of every month, we conduct this survey across the country.” 

“However, for more accurate information, it has now been extended by two more days. Now it is operated till the 11th-19th of every month. The same thing happened in July,” he added. 

“At this time, the information has been taken from two markets in cities and villages of 64 districts of the country. This calculation has been made on the price of the products in the market at that time,” he further said.

In July, prices of eggs, broiler chickens and vegetables declined, the report said. 

However, the prices of some vegetables and spices have gone up due to Eid-ul-Azha. On the other hand, the prices of some non-food sub-sectors have gone up.

Reviewing the inflation rate of BBS, it was seen that the rate of non-food and food inflation has come down in July. 

Also Read - Inflation, a major headache for shrinking deposit dividends

Inflation in the cosmetics, footwear, apparel, rental, furniture, household goods, medical services, transportation, educational materials and miscellaneous services sectors eased as a result of lower overall inflation.

According to Planning Minister MA Mannan, the restrictions last June created various obstacles to the transport of daily necessities. 

As a result, inflation in all sectors was on the rise in June. Inflation has come down as prices are normal in July compared to June.

In a press conference after the ECNEC meeting on Tuesday, he further said if inflation declines in one sector, it usually increases in another. But in July, inflation eased in all sectors.

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