Bangladesh experienced a slight rise in inflation, reaching 9.81% in March compared to 9.67% in February, attributed to increased prices during Ramadan. According to data from the Bangladesh Bureau of Statistics (BBS) released on April 9th, food inflation climbed to 9.87% in March, while non-food inflation stood at 9.64%. This uptick comes after February’s figures of 9.44% for food inflation and 9.33% for non-food inflation.
Dr. Mustafa Kamal, Executive Director of the Institute for Inclusive Finance and Development (InM), highlighted the seasonal impact of Ramadan on food prices, exacerbated by the upcoming Eid celebrations. Additionally, recent electricity price hikes and persistent foreign exchange challenges have contributed to the inflationary pressures observed.
Despite government efforts to control inflation, including price regulations on certain essential goods, Dr. Kamal pointed out the sustained high inflation trend since March 2023. While food inflation peaked at 12.54% in August last year before subsiding to 10.76% in November, overall inflation has consistently remained above 9%.
Dr. Kamal emphasized the need for more effective measures to address inflation, expressing concerns over the ineffectiveness of existing policies and regulatory interventions in curbing price escalations. As Bangladesh grapples with the economic impacts of inflation, stakeholders continue to monitor the situation closely for potential policy adjustments and interventions.
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