Food inflation increases by 10 percent

Business Desk

Published: May 13, 2024, 08:50 PM

Food inflation increases by 10 percent

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Efforts to curb inflation are underway as food prices surged last April, marking a notable uptick. After maintaining this increase for four months, food inflation again rose by 10 percent. However, inflation for non-food items decreased slightly last month. Overall inflation remains below 10 percent.

On Monday (May 13), the Bangladesh Bureau of Statistics (BBS) released updated inflation data.

According to the BBS, in April of the current year, food inflation rose to 10.22 percent. The previous month‍‍`s rate stood at 9.87 percent. In November of last year, food inflation was at 10.76 percent. Therefore, after four months, food inflation has again risen by 10 percent. However, inflation for non-food items decreased in April compared to March. Overall inflation decreased slightly to 9.74 percent this month, compared to 9.81 percent last month.

In October, food inflation was 12.56 percent. The gradual increase in interest rates by the central bank has failed to bring inflation down to 7 percent.

According to the monthly update report of the BBS, rural people suffered more than urban residents last month. The average inflation rate in rural areas was 9.92, compared to 9.46 in urban areas. Inflation for both rural and urban regions increased by 10 percent in food prices.

Economists argue that inflation is a type of tax that increases pressure on everyone, regardless of wealth status. When income growth is less than inflation, the burden on poor and middle-class households increases. As a result, the prices of commodities have also risen significantly, along with healthcare and transportation costs. Altogether, people are struggling to cope with the pressure of inflation.

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