The interim government is set to import seven lakh tonnes of rice, the highest in the last seven fiscal years, as it looks to shore up its depleting food grain stock and ease the cost of living crisis for the low- and fixed-income people battered by the prolonged high inflation.
Arrival of winter vegetables contributes to the decline
Many low-income and unskilled workers in Bangladesh’s agriculture, industrial and service sectors are being compelled to reduce consumption as rising inflation eroded their real incomes over the past three years.
Even after the political changeover in early August, the domestic market has been reeling under the influence of oligarchs, according to economist Hossain Zillur Rahman.
Inflation rises to 10.87 percent in October from 9.92 percent in September
Bangladesh’s inflation continued to ease for the second consecutive month in September as prices of both food and non-food items cooled off, according to the statistics bureau.
Inflation is projected to hit double digits at the end of the current fiscal year owing to supply-side disruptions and higher import costs as a result of currency depreciation, according to the Asian Development Bank (ADB).
Bangladesh’s worsening economic crisis has spun off a price shock with food inflation crossing 14 percent in July for the first time in 13 years.
Risk assessments of the kind done by the IMF are not usually done by the government, although it would have been desirable.
The interim government is set to import seven lakh tonnes of rice, the highest in the last seven fiscal years, as it looks to shore up its depleting food grain stock and ease the cost of living crisis for the low- and fixed-income people battered by the prolonged high inflation.
Arrival of winter vegetables contributes to the decline
Many low-income and unskilled workers in Bangladesh’s agriculture, industrial and service sectors are being compelled to reduce consumption as rising inflation eroded their real incomes over the past three years.
Even after the political changeover in early August, the domestic market has been reeling under the influence of oligarchs, according to economist Hossain Zillur Rahman.
Inflation rises to 10.87 percent in October from 9.92 percent in September
Bangladesh’s inflation continued to ease for the second consecutive month in September as prices of both food and non-food items cooled off, according to the statistics bureau.
Inflation is projected to hit double digits at the end of the current fiscal year owing to supply-side disruptions and higher import costs as a result of currency depreciation, according to the Asian Development Bank (ADB).
Bangladesh’s worsening economic crisis has spun off a price shock with food inflation crossing 14 percent in July for the first time in 13 years.
Risk assessments of the kind done by the IMF are not usually done by the government, although it would have been desirable.
With inflation edging towards double digits and quarterly GDP growth nearly halving year on year, pressure on consumers is mounting and experts are pointing at even darker clouds.
