Inflation rises 7.56 pc in June, highest in 8 yrs

Inflation in June, the last month of the last fiscal year 2021-22, soared to 7.56% which is the highest in eight years, according to a report by the Bangladesh Bureau of Statistics (BBS).

Bangladesh Bureau of Statistics (BBS) is a responsible state entity for maintaining inflation and the GDP statistics.

This important and sensitive indicator of the economy rose by 7.42 per cent in May. In June, the index increased by another 0.14 per cent to 7.56 per cent, reports UNB.

It means, in June 2021, a product or service that had to be spent was Tk100, in June 2022, for similar product or service one had to spend Tk107.56.

The BBS data showed that the average inflation rate at the end of the FY 22 stood at 6.15 per cent, which is 85 per cent higher than the fiscal target. The government was able to fix it at 5.30 per cent in the last financial year (FY 21).

In June 2022, food inflation was 8.37 per cent. It was 8.30 per cent in May. Non-food inflation increased from 6.08 per cent to 6.33 percent during this time.

According to BBS statistics, the overall average inflation rate in the FY 12 was 10.62 per cent. Food inflation was 10.47 per cent at that year and non-food inflation was 11.15 per cent.

In FY 13, overall inflation came down to 7.70 per cent. Food inflation was 7.25 per cent in that year and non-food inflation was 8.43 per cent.

In June prices of boro rice, flour, mugdal, molasses, rui fish, hilsa, catfish fish, meat, eggs and milk have gone up. Soybean, dried chilli, onion, ginger, garlic, potato, green chilli, papaya, milk, cloth, melamine utensils are also expensive. Prices of cement, kerosene, coconut oil, cigarettes, and white pepper also went up.