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Food inflation up in 1st quarter of FY2017-18

  • Published at 03:13 pm February 26th, 2018
Food inflation up in 1st quarter of FY2017-18
Finance Minister AMA Muhith on Monday admitted that the food inflation in the first quarter of the current fiscal year (2017-18) increased but the non-food one marked a fall. He made the statement in the parliament while placing the report on budget implementation progress of the first quarter (July-September), the trend of income and expenditure, and macroeconomic analysis. The finance minister said the food inflation in July was 6.95%, 7.32% in August and 7.87% in September. The 12 months average after the quarter is 6.72%. The food inflation in the mentioned months was 4.35%, 4.30% and 5.10% in the first quarter of FY2016-17. The 12 months average after the quarter was 4.56%. The non-food inflation in the first three months of the running fiscal year was 3.53%, 3.75% and 3.44%, while it was 6.97%, 7% and 6.19% during the same period of the last FY. The 12 months average after the quarter of the current FY is 3.81% while it was 7.48% in the previous FY. The overall inflation in the stipulated three months of the current FY was 5.57%, 5.89% and 6.12%, which was 5.40%, 5.37% and 5.71% in the previous FY. The 12 months average after the quarter of FY2017-18 is 5.55% while it was 5.71% during the last FY. Muhith said although the first quarter of the last fiscal year saw a negative growth in earning from the remittance, the situation is improving gradually. "The remittance inflow has increased by 4.4% in the first quarter of the current fiscal year compared to the previous year." Highlighting some key macroeconomic indicators during the first quarter (July-September) of the current fiscal year, he said the revenue collection under the NBR rose by 19.3%, the overall public expenditure increased by 8.7%, the ADP implementation rate was 10.2%, export earnings rose to 8.7%, import expenditure increased by 28.4% to $13.2 billion, the growth for opening import LCs is 36.5%, the private sector credit flow increased by 17.8% while the rate of general point-to-point inflation came down to 5.5% from 5.7% in September last year. About the overall revenue collection scenario during the first quarter, Muhith said about Tk51,128 crore was collected during the first quarter which was about 17.8% of the budgetary target - 17.1% higher than the previous year. He said the revenue collection target in the current fiscal year was earlier set at Tk287,990 crore. About the government expenditure scenario during the first quarter, he said the overall government expenditure during the first quarter increased by 8.8% compared to the first quarter of the last FY. On budget deficit, the finance minister said it was 3.1% in the last FY and in the current FY it is anticipated to be Tk122,277 crore, which is 5% of the GDP. In his statement, Muhith also touched upon various aspects of education, health, power and energy, communication infrastructure, agriculture and rural development, social welfare, expatriates welfare and industrial sector. The finance minister, however, said the Rohingya influx and their repatriation issues have added a new dimension towards fixing socioeconomic action plan.
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