Our data shows economic pressures and polycrisis have been growing especially since Covid.
Among the 78 lakh people, 38 lakh have become extremely poor
Inflation refuses to budge. Part of the reason may be honest disclosure of what the data is saying.
Rises to over 11% for second time this year
Bangladesh's economy faces instability, inflation, and political unrest hindering growth.
Inflation rises to 10.87 percent in October from 9.92 percent in September
Persistent inflation driven by high commodity, energy prices and currency depreciation
Grocery shelves are not clearing as quickly for fast-moving consumer goods (FMCG), while many are switching to mini-packs of food and toiletries -- indicating that people are losing ground in their prolonged battle against inflation.
When Sheuly Akhter and her friend entered a branch of Star Kabab in Dhanmondi on Thursday last week, marking their return to the establishment for the first time in nearly four months, they were surprised by the lack of customers.
The Consumer Price Index grew by an average of 9.73 percent in the first 11 months of the current financial year, which was 8.64 percent during the identical period a year prior, data from the Bangladesh Bureau of Statistics showed.
The national budget for the fiscal year of 2024-25 is going to be presented in parliament on Thursday with monumental tasks ahead for the government to collect more revenues and contain stubbornly high inflation.
Fighting raging inflation and putting the economy back on track have not been taken seriously as evidenced from the government’s delayed response, which set the scene for one of the worst economic crises in its history and an unprecedented prolonged period of higher consumer prices, said an economist.
According to a provisional estimate of the Bangladesh Bureau of Statistics (BBS), consumption of goods and services grew 3.53 percent in 2023-24, up from 2.52 percent in the last fiscal year.
Bangladesh's factory output grew 6.66 percent in the current fiscal year, the slowest pace of expansion since the Covid-19 pandemic hit the country, as the stubbornly high inflation hurt domestic demand and the shipment of export-oriented goods slowed.
Government must address the rising food prices immediately
According to the Bangladesh Bureau of Statistics (BBS), food inflation jumped 35 basis points to 10.22 percent last month from 9.87 percent in March. This was the first time in five months that food inflation hit double digits.
Inflation in Bangladesh fell seven basis points to 9.74 percent in April from a month ago on the back of declining prices of non-food items.
Inflationary pressure may push some “vulnerable” households below the poverty line.
To many, especially salaried and fixed-income individuals, this means they will have no option but to find ways to cut expenditures to bear increased electricity bills.
