Bangladesh records highest inflation rate in over a decade

Tags: International News

Bangladesh-records-highest-inflation-rate-in-over-a-decadeBangladesh recently experienced its highest monthly inflation rate in over a decade, with inflation reaching 9.94 percent in May. 

An overview of the news

  • This rate is the highest since 2010-11 when it was recorded at 10.11 percent. 

  • The data was released by the Bangladesh Bureau of Statistics (BBS). 

  • The increase in inflation is primarily attributed to the rise in both food and non-food prices during this period.

  • The average inflation rate for the period between June 2022 and May 2023 has risen to 8.84 percent, surpassing the budgetary target of 5.6 percent. 

  • In comparison, the inflation rate in April 2023 was reported at 9.24 percent, and in March, it was 9.33 percent. 

  • These figures indicate higher inflation compared to the corresponding months in April 2022 (6.29 percent) and March 2022 (6.22 percent).

  • To calculate inflation, the BBS has changed the base index from 2005-06 to 2021-22 and adopted a revised methodology for the compilation of the Consumer Price Index (CPI) based on the latest 2020 CPI manual of the International Monetary Fund (IMF).

People’s Republic of Bangladesh 

  • Capital: Dhaka 

  • Prime Minister: Sheikh Hasina Wazed 

  • President: Abdul Hamid

  • Currency: Taka 

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