Inflation hit 9.05% in May
Citing media reports, she said the move is expected to increase public expenditure by nearly Tk 7,000 crore
Rising prices hurt the poor, forcing cuts to necessities and increasing poverty in Bangladesh.
The caution comes as consumer prices, despite easing in the last two months, have stayed over 9 percent for the 24th month in a row
Inflation declined to 9.32% from January's 9.94%
Bangladesh inflation soared (5.86 percent to 11.38 percent in 2022-2024), driven by global shocks and food prices.
In its latest report released today, the organisation projected inflation will stabilise between 8.5% and 9.5% by June but fall to 6-7% by December
Ministers and members of parliament of the previous government relentlessly blamed “syndicates” for increasing the prices of chicken, eggs and other foods.
Inflation in Bangladesh eased for the second consecutive month in January, driven by stable food prices due mainly to an abundant supply of winter vegetables to the local market.
The shipment of electrical and electronics goods from Bangladesh displayed an impressive growth of 48 per cent in July-May of the outgoing financial year on the back of improving product quality and government support, official figures showed.
The Bangladesh Elevator Escalators and Lift Importers Association (BEELIA) yesterday demanded the withdrawal of the proposed duty on imports of elevators and escalators in the national budget for fiscal year (FY) 2023-24.
The government should target reducing demand through ensuring market-based interest and exchange rates as well as cutting allocation for infrastructure projects to rein in inflation and protect the foreign currency reserves, said economists yesterday.
If there is one indicator that epitomises the government’s mismanagement of the economy in recent times, it is inflation -- which raced to an 11-year high of 9.94 percent in May.
Food inflation rose 40 basis points to 9.24 per cent in May. It was 8.84 per cent in April.
Bangladesh’s exports bounced back in May after declining in the preceding two months riding on increased shipment of garments, the main export earning sector, according to data released by the Export Promotion Bureau (EPB) yesterday.
In his budget speech for FY2023-24 at the national parliament today, Kamal said inflation would be largely controlled from here on.
In 2019, when AHM Mustafa Kamal took charge as the finance minister, the Bangladesh economy was taxing for take-off for its long-haul flight to the developed country club.
Just a year ago, Aminur Rahman, a private sector employee living in Dhaka, could buy a moderate amount of essential goods, including rice, soybean oil, onions, salt and eggs, at Tk 553 from stores in Dhaka city
In June last year when Finance Minister AHM Mustafa Kamal placed the budget in parliament, inflation had already been creeping up and the foreign currency reserves were on the decline. These two had derailed the full economic recovery from a two-year crisis wrought by the Covid pandemic.
