Inflation rate declines in official figures despite heat in the market
Representational image. File photo.
Although there is heat in the prices of essential commodities in the kitchen market, the inflation rate has declined in official figures. In this regard, it is being said that inflation has not decreased. However, the rate of inflation increase has decreased.
In other words, the rate at which it used to rise before is no longer occurring. In October, the overall inflation rate of the country fell to 8.27 percent. In September, it was 8.34 percent. During this period, food inflation decreased to 6.40 percent, which was 7.22 percent in the previous month. However, inflation in the non-food sector increased to 9.89 percent, which was 9.30 percent in September. Meanwhile, the wage rate also declined.
These data have been highlighted in the Consumer Price Index (CPI) report of the Bangladesh Bureau of Statistics (BBS). The agency published the report last Monday. Another government agency, the Trading Corporation of Bangladesh (TCB), has said that the prices of essential commodities in the market have not decreased much over the past month. Rather, in some cases, they have increased or remained stable. There has not been much fluctuation in prices.
State Minister for Planning Md. Zonayed Abdur Rahim Saki said at the National Statistics Day event last Sunday that now there is no need to obtain the approval of the Planning Minister to publish any data. The BBS is processing and publishing the data it is collecting from the field. As a result, the question of government interference in GDP growth, inflation, or any other data does not arise at all. According to BBS sources, in October, the overall inflation rate in rural areas stood at 8.29 percent, which was 8.38 percent in September. During this period, food inflation decreased to 6.37 percent, which was 7.18 percent in the previous month. In addition, inflation of non-food products increased to 10.21 percent, which was 9.57 percent in September.
Meanwhile, in urban areas, the overall inflation rate slightly decreased to 8.25 percent, which was 8.26 percent in September. During this period, the food inflation rate decreased to 6.42 percent, which was 7.25 percent in the previous month. In addition, non-food inflation also decreased to 9.48 percent, which was 9.94 percent in September.
Wage Rate Declined
The BBS report stated that in October, the overall wage rate of workers in the country decreased to 7.63 percent, which was 7.90 percent in September. Among these, in the agricultural sector, wages decreased to 7.55 percent in October, which was 7.89 percent in the previous month. In addition, the wage rate in the industrial sector decreased to 7.62 percent, which was 7.86 percent in September. In the service sector, wages decreased to 7.96 percent, which was 8.07 percent in September.
What TCB Data Says
For over the last one month, coarse rice has been selling at Tk 50-55 per kg in the market. In this case, there was no change in price. Fine rice was sold at Tk 70-90 per kg a month ago, but now it went up by Tk 5 per kg. In this case, it is being sold within Tk 70-95. Soybean oil has been selling at Tk 189 to Tk 200 per liter at the same price for a month. Flour was sold at Tk 50 per kg a month ago, but now it is being sold at Tk 48-50. In this case, it has decreased by Tk 2 in some cases. Potatoes are being sold at Tk 25-30. Onions were Tk 50-60 per kg a month ago, but now they are being sold at Tk 40-60 per kg. In some cases, depending on quality, the price has decreased by Tk 20.
