The prices of daily commodities are increasing in the market. Although various initiatives have been taken to reduce inflation, its reflection is not seen in the market. Many common people are now under pressure to afford food. Common people’s income is not increasing in line with inflation.
Inflation rate in the food sector increased to 12.56 percent in the month of October due to rising food prices. Which was 8.50 percent at this time last year. Last month i.e. September which was 12.37 percent.
On Monday (November 6), Bangladesh Bureau of Statistics (BBS) released the updated Consumer Price Index (CPI) data for the month of October this year.
According to the data published by BBS, the inflation rate in the food sector was 8.50 percent in the month of October last year. In other words, the inflation rate in the food sector has jumped from 8.50 percent to 12.56 percent on a year-on-year point-to-point basis. That is, the price inflation in the food sector increased by 4.06 percent in one year. In the month of October, the price of potato, fish, rice, pulses, oil, salt, fish, meat, vegetables, spices and tobacco products increased and the rate of food inflation increased, BBS said.
According to the BBS, food inflation was 12.54 percent in August, the highest in 11 years and 7 months. Earlier in January 2012, food price inflation rose to 12.73 percent. Last August, food inflation rose to double digits for the first time in a decade.
However, in the current financial year 2023-24, the government had set a target of keeping inflation within 6 percent. But the average inflation in the first three months of the current financial year is 9.74 percent. In the month of October, the rate of general inflation has increased to 9.93 percent, in the month of September, the inflation has stood at 9.63 percent.
According to the data of BBS, the price inflation of food has been 12.56 percent in the month of October. This means that the food product which was bought for 100 taka in October last year, has to be bought for 112 taka 56 paisa in October this year. In other words, to buy only 100 rupees of food, I had to spend an additional 12 rupees 56 paise in a year.